Stocks whipsawed Wednesday as U.S. indexes turned negative in the afternoon after registering major gains earlier, as choppy trading accompanies tension among investors about the direction of the U.S. economy.After ending the morning up about 1%, the U.S. benchmark S&P 500 closed down 0.8% for the day, just 0.3% higher than its
The Dow Jones Industrial Average and tech-heavy Nasdaq also turned morning gains into daily losses amid the afternoon selloff, as the Dow fell 0.6%, or about 230 points, and the Nasdaq slipped more than 1%. Still, there were signs of increased investor risk appetite: Long-dated bond yields climbed again, as yields for 10-year U.S. Treasury note rose to almost 4%.The 10-year Treasury’s return to a near 4% yield confirms “there’s no recession looming,” declared Yardeni Research founder Ed Yardeni in a note to clients.
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