Market Extra: Here’s why stock-market investors are focused on a 3% 10-year Treasury yield [MarketWatch]
FS INVESTMENT CORP (FSIC)
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Source: MarketWatch
Here’s why stock-market investors are focused on a 3% 10-year Treasury yield Another day, another big round number. The yield on the benchmark 10-year U.S. Treasury note TMUBMUSD10Y, +0.85% briefly touched 3% on Tuesday and notching a more-than-four-year high before pulling back to end just below 2.99%. Stocks took the move in stride, at first, but later tumbled sharply in afternoon trade, leaving the Dow DJIA, -1.74% to finish down more than 420 points , or 1.8%, while the S&P 500 SPX, -1.34% dropped 1.4%. What’s so magical about 3%? The fact that it is, well, a big round number is certainly part of it, making it a milestone of sorts as the yield hits a level that, while still historically low, it hasn’t seen in years. And recall that the 10-year yield twice attempted to meaningfully cross that level in late 2013 and early 2014 amid a bond-market selloff, but failed, noted Lara Rhame, senior economist at Philadelphia-based FS Investment. The yield eventually bottomed near 1.26
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