NEW YORK — Wall Street is sinking again under the weight of higher yields in the bond market. The S&P 500 fell 0.5% early Tuesday and is back to where it was in June. The Dow fell 157 and the Nasdaq composite was down 0.6%. After charging higher much of the year, U.S. stocks have lost roughly 40% since the end of July. The main culprit is an unrelenting rise in Treasury yields, which have reached levels unseen in more than a decade. The 10-year Treasury yield climbed again to 4.72% from 4.
“So, investors were on the fence, carefully considering the relationship between economic growth and interest rates and what actions the Federal Reserve might take in response to these factors,” Stephen Innes of SPI Asset Management said in a commentary. In corporate news, drugmaker Eli Lilly said it was buying Point Biopharma, which develops cancer-fighting treatments called radiogilands. Eli Lilly is paying $1.4 billion for Point, or $12.50 per share. Point shares jumped close to 85% before the bell.
Prices have pulled back after charging higher from $70 in the summer. A barrel of U.S. crude fell $1.97 on Monday to settle at $88.82.
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