Wednesday, 03 Mar 2021 07:34 AM MYT
“It was such a strong opening to the month yesterday that investors could be short-term focused and saying, ‘Let’s take some of the profits that we saw yesterday,’” said Sam Stovall, chief investment strategist at CFRA Research in New York. The Dow Jones Industrial Average fell 143.99 points, or 0.46 per cent, to 31,391.52, the S&P 500 lost 31.53 points, or 0.81 per cent, to 3,870.29 and the Nasdaq Composite dropped 230.04 points, or 1.69 per cent, to 13,358.79.
The European Central Bank should expand bond purchases or even increase the quota earmarked for them if needed to keep yields down, ECB board member Fabio Panetta said yesterday, after weeks of steady increases in borrowing costs. US Federal Reserve Governor Lael Brainard said she was closely watching bond markets and would be concerned if a recent rise in yields continued and began to constrain economic activity.Yields on the benchmark 10-year Treasury bond have stabilised after hitting a one-year high of 1.614 per cent last week. Benchmark 10-year notes last rose 11/32 in price to yield 1.4085 per cent, from 1.446 per cent late on Monday.