Howard Gold’s No-Nonsense Investing: Here’s how the rise in bond yields is already hurting the stock market

Last week’s big move up in yields on 10-year Treasury notes sent stocks reeling.

The Dow Jones Industrial Average DJIA, +0.15% has lost more than 500 points since last Wednesday and the S&P 500 SPX, -0.04% is down more than 60 points, or 2%.

The yield on the 10-year Treasury TMUBMUSD10Y, -0.18% had hovered below 3% for months. Then, in mid-September the yield broke through that magic number, past May’s high of 3.11%, and now sits at around 3.24%, its highest yield in 7 1/2 years.

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