Wall Street falls as Treasury yields climb
Wall Street retreated from record highs as rising Treasury yields and surging oil prices revived inflation concerns. Major stock indexes snapped their winning streaks amid a global bond selloff.
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United States stock indexes closed lower on Wednesday afternoon as long-dated Treasury yields climbed, snapping recent winning streaks across major benchmarks. The downturn followed a record-setting session for the S&P 500 and the Nasdaq. Investors took profits off the table as surging borrowing costs and inflation fears weighed on risk sentiment.
