NEW YORK — U.S. stocks are drifting Wednesday as yields are mixed in the bond market, which has been Wall Street's main driver recently. The S&P 500 was 0.1% lower in afternoon trading. The Dow Jones Industrial Average was down 49 points, or 0.2%, as of 12:15 p.m. Eastern time, and the Nasdaq composite was 0.1% higher. Wall Street has been mostly struggling since the summer as longer-term yields shoot higher in the bond market, weighing on prices for all kinds of investments.
government racking up big deficits, which requires more borrowing, and buyers in shorter supply, the pressure has been mostly upward on Treasury yields. Strategists at Bank of America say it’s hard to forecast where the 10-year yield will go, but they can’t rule out a climb to or above 5%. They see U.S. rates stopping their climb following clearer signs that high rates are becoming “sufficiently restrictive” to the economy. That could show itself through a moderating U.S.
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