Stocks sold off in Asia and Europe after the US's sharp drop yesterday. The Asia Dow was down 0.77%, with Australia the only big gainer. In Europe, prices fell even more before rallying into the close, as the STOXX 600 lost 0.77% as well.
In the US, stocks opened higher, but almost immediately fell 200 Dow points before rallying back to the unchanged level. Today's feature is again the 3%+ yields available on 10-year US notes, and the prospect of further rate increases.
Gold didn’t like the competition from higher rates and a higher dollar. It fell $8; silver followed along, down 15 cents, and platinum lost a big $21. Copper was about unchanged, and crude oil bucked the trend - up 0.3%.
The US dollar index closed above 91, up 0.46% at 91.19. The 10-year note closed with a 3.02% yield - potentially big numbers for the both.
US stocks scrambled to close ... Log in or subscribe to continue reading.