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Here’s why stock-market investors are focused on a 3% 10-year Treasury yield

April 25, 2018

Another day, another big round number.

The yield on the benchmark 10-year U.S. Treasury note TMUBMUSD10Y, +0.22% briefly touched 3% on Tuesday, notching a more-than-four-year high before pulling back to end just below 2.99%. The yields then pushed back above 3% on Wednesday.

Stocks took the Tuesay move in stride, at first, but later tumbled sharply in afternoon trade, leaving the Dow DJIA, -0.70% to finish down more than 420 points, or 1.8%, while the S&P 500 SPX, -0.71% dropped 1.4%. On Wednesday, stock index futures pointed to a mostly lower start.

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