(Reuters) – Wall Street ended sharply lower on Thursday, leaving the Nasdaq down nearly 10% from its February record high, after remarks from Federal Reserve Chair Jerome Powell disappointed investors worried about rising longer-term U.S. bond yields.
A decline of 10% from its February record high would confirm the Nasdaq is in a correction.
The benchmark 10-year Treasury yield spiked to 1.533% after Powell’s comments, which did not point to changes in the Fed’s asset purchases to tackle the recent jump in yields. It still held below last week’s one-year high of 1.614%.
Some investors had expected the Fed might step up purchases of long-term bonds, helping push down long-term interest rates. Read more…..
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