back above 4.7%
, dragging down stock indexes, as investors bet that the economy’s strength will mean higher borrowing costs are here for a while. Yields have surged in recent weeks as the U.S. economy’s resilience has dashed investors’ hopes that the Federal Reserve could soon switch. Rising yields are also giving investors another way to earn returns, which has been denting the appetite for risky assets like stocks.
Among today's stock-market victims: the Dow industrials, which were on pace for their worst day since March.All three major U.S. indexes were down by more than 1%. The Dow industrials dropped roughly 450 points and was on track toThe yield on the 10-year U.S. note shot above 4.75%. It had settled at 4.682% Monday, its highest level since October 2007.WSJ's Take On the Week
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