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U.S. bond yield hits 7-year high, boosting dollar, hurting stocks

Reuters  |  NEW YORK 

By Lewis KrauskopfNEW YORK (Reuters) - The yield on the benchmark U.S. 10-year Treasury note hit its highest point in about seven years on Tuesday on the heels of a report that indicated a pick up in consumer spending, pushing the dollar to its highest level this year and weighing on stocks.The 10-year yield neared 3.1 percent, blowing through the key psychological level of 3 percent it hit in late April for the first time in four years. Wall Street's main indexes slumped, with investors concerned that rising bond yields would hurt stock valuations. The dollar's rise also helped pushed down ...

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First Published: Wed, May 16 2018. 00:17 IST