The dollar surged to three-month highs on Thursday after Federal Reserve Chairman Jerome Powell failed to express concern about a recent sell-off in U.S. Treasuries as some traders had expected, resulting in higher bond yields and demand for the greenback.
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Stocks Slump as Treasury Yields Top 1.5% on Powell: Markets Wrap
Bloomberg 3/4/2021 Rita Nazareth and Vildana Hajric
(Bloomberg) Stocks and bonds sold off after Federal Reserve Chairman Jerome Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields.
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The S&P 500 briefly erased its 2021 gains, notching its lowest close in about five weeks. Benchmark 10-year bond rates topped 1.5% and the dollar climbed. The Nasdaq 100 extended losses from a February peak to almost 10%, and the Russell 2000 of small caps slid 2.8%. Reddit users appeared to rush back into GameStop Corp., with the video-game retailer soaring.
CANBERRA U.S. soybean futures edged higher on Thursday, as rains were expected to slow harvesting across Brazil, stoking worries about short-term supply…