The yield on the benchmark 10-year US Treasury note hit a three-year high of 2.73%, helping boost the S&P banking index which on Thursday had slumped to 13-month lows. ”
“That is a response to the Federal Reserve minutes coming out and indicating both the pullback on purchases, as well as the high likelihood of a 50-basis point rate increase in May.” said Loreen Gilbert, CEO at Wealth Wise Financial in Laguna Beach, California. Rate-sensitive lenders JP Morgan Chase & Co, Bank of America Corp, Citigroup Inc and Goldman Sachs Group Inc all gained.
The S&P 500 lost 11.53 points, or 0.26%, to end at 4,468.88 points, while the Nasdaq Composite lost 186.30 points, or 1.34%, to 13,710.99.
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