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Treasuries Tumble as U.S. Stocks Drift; Oil Jumps: Markets Wrap

  • Two-year Treasury rate at 2008 high, 30-year above 2014 level
  • Rate-sensitive shares lead declines as utilities routed
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Liz Young, senior investment strategist at BNY Mellon Investment Management.Daybreak: Americas." (Source: Bloomberg)
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A selloff in Treasuries deepened and trading volume jumped amid evidence the American economy keeps growing. U.S. stocks edged higher, crude rallied above $76 a barrel and the dollar rose.

The S&P 500 Index eked out a gain after earlier climbing to within a whisker of an all-time high. Steep losses in rate-sensitive shares from utilities to real-estate firms weighed on the measure. Banks surged as 30-year Treasury yields popped to the highest since 2014, while the two-year rate jumped to a pre-crisis high and 10-year yields hit levels last seen in 2011.