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NEW YORK (Reuters) - Wall Street s main indexes recoiled from record highs on Thursday as surging U.S. Treasury yields took the shine off stocks now that a strong economic recovery looked more certain and investors clung to concerns that inflation would rise.
The S&P 500 was down more than 2% at one point, and retreating technology stocks dragged the Nasdaq down more than 3% as the benchmark 10-year note yield surged more than 20 basis points to a one-year high above 1.6%.
That surge put the 10-year interest rate above the 1.48% S&P 500 dividend yield, wiping out the strong advantage that the stock market has held over bonds during the pandemic.
life than what we had around us. there s things you can do and go to school and have opportunities and live in a nicer house. reporter: she saw all of that? yeah, yeah, definitely. reporter: maribel ramos knew she had to work hard. she worked as security at kmart and would like to be a cop but she needed a college degree and that meant money so she became private first class ramos. she joined the army hoping to use the g.i. bill. her first day was august 8th, 2001 and 34 days later, the whole world changed. wege all sort of recoiled in horror but you probably also thoughtal that is going to effe my sister? yes. i turn on the tv and the towers are crumbling. first thing i thought was, oh, my ghgosh, my sister is going t
another world existed and she wanted it. she knew at a young age that there was more to life than we had around us. you can go to school and have opportunities and live in a nicer house. she saw all of that. yeah, definitely. marabel ramos knew she would have to work hard to get where and what she wanted. after high school she worked in security at kmart and hatched a long-term plan to become a cop. but she would need a college degree, and that meant money. so marabel ramos became private first class ramos. she joined the army hoping to use the gi bill. her first day was august 8, 2001. and just 48 days later, the whole world changed. we all sort of recoiled in horror, but you probably also thought, that s going to affect my sister. yes. i would turn on the tv and towers are crumbling.
more eloquent man who tried to go on the top of the mountain top. i think there s something fundamental going on in this election that we should bring to the surface, and that is that there were a lot of people that hate donald trump, who are really upset about him. you know, the extremists on this poll who really worry that this was no longer the country they thought it was. they worried about what kind of people we re becoming. if this had gone if the numbers hold tonight, i will tell you a lot of people will wake up tomorrow thinking, i m not sure if the democrats can govern well or not, it may be a rough couple of years, but i recognize this country, i feel more comfortable about who we are as americans. jeff? one of the things the president i m told by some of his advisers and people that want him to succeed, they feel he s in an echo chamber and only hearing the people at his rallies, which is absolutely the fact of the matter is. but i mean going forward as we look to the