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VOL. 48 | NO. 15 | Friday, April 12, 2024
Most of Wall Street slips as expectations rise for rates to stay high
NEW YORK (AP) — Most U.S. stocks slipped as Treasury yields climbed again on rising expectations that interest rates may stay high for a while.
The S&P 500 fell 0.2% Tuesday. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite fell 0.1%.
UnitedHealth helped support the market after jumping on a stronger-than-expected profit report. But the majority of stocks weakened after two top officials at the Federal Reserve warned it may not cut interest rates for a while after inflation reports this year came in worse than expected.
The two-year Treasury yield briefly climbed as high as 5% before paring its gain.