Stocks give up gains as bond selloff worsens

|By:, SA News Editor

The rout in bonds continues, with the 10-year U.S. Treasury yield now higher by 9.5 basis points today to 3.16% - the highest level in more than seven years. The two-year yield is up to 2.86% - a level not seen in about 10 years.

The big moves are taking the steam out of stock gains, with the S&P 500 (NYSEARCA:SPY) retreating to about flat on the session.

Also under pressure from higher U.S. rates are emerging markets (EEM -0.8%).

Previously: Treasury yields break out to multi-year highs (Oct. 3)

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