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Prospect of higher interest rates sends stocks, bonds lower

Hiring burst sends stocks, bonds lower as investors anticipate higher US interest rates

Traders gather at the post of specialist Anthony Matesic, right, on the floor of the New York Stock Exchange, Friday, March 6, 2015. Stocks opened low...
Trader Dennis Maguire works on the floor of the New York Stock Exchange, Friday, March 6, 2015. Stocks opened lower on Friday as another strong U.S. j...
MaxPoint Interactive Chairman, President and CEO Joseph Epperson, second from right, joined by his son Michael Epperson, right, as he rings a ceremoni...

Financial Markets Wall Street

Traders gather at the post of specialist Anthony Matesic, right, on the floor of the New York Stock Exchange, Friday, March 6, 2015. Stocks opened low...

Financial Markets Wall Street

Trader Dennis Maguire works on the floor of the New York Stock Exchange, Friday, March 6, 2015. Stocks opened lower on Friday as another strong U.S. j...

Financial Markets Wall Street MaxPoint Interactive

MaxPoint Interactive Chairman, President and CEO Joseph Epperson, second from right, joined by his son Michael Epperson, right, as he rings a ceremoni...

NEW YORK (AP) -- The prospect of higher interest rates is sending U.S. stock and bond prices lower in midday trading.

Yields on long-term U.S. government bonds rose sharply Friday after the Labor Department reported a surge in hiring last month. That raised the likelihood that the Federal Reserve could raise rates this summer.

Stocks also fell, sending the Dow Jones industrial average down 200 points, or 1.1 percent, to 17,935 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 index lost 22 points, or 1.1 percent, to 2,078. The Nasdaq fell 44 points, or 0.9 percent, to 4,938.

Apple rose 1 percent on news that the company would join the Dow, replacing AT&T. AT&T fell 1.5 percent.

The yield on the 10-year Treasury note jumped to 2.24 percent from 2.12 percent.


Updated : 2021-09-17 10:26 GMT+08:00