U.S. stocks declined on Thursday as Treasury yields reversed their recent decline following the Treasury Department’s announcement of increased debt buybacks.
The Dow Jones Industrial Average dropped 421 points, or 0.8%. The S&P 500 declined by 0.4%, and the Nasdaq Composite fell 0.5%.
Bond yields rose again, recovering from Wednesday’s dip after the Treasury Department revealed plans to at least double repurchases of 10-, 20-, and 30-year debt in the coming months.
This move follows the 30-year Treasury bond yield reaching its highest level in nearly two decades earlier this week.
Source (CNBC)
