Dow Falls Nearly 300 Points As Bond Selloff Pushes 30-Year Yield To 5.73%

Wall Street dropped Wednesday as a bond selloff sent Treasury yields to levels last seen more than 20 years ago. The Dow lost about 273 points, or 0.5%, the S&P 500 slipped 0.2% from its record and the Nasdaq Composite fell 0.4%. The 10-year yield touched 5.365%, its highest since April 2002, and the 30-year reached 5.732%, a peak since May 2002. The 10-year later eased from its high after a solid $39 billion auction, which helped stocks trim losses. Banks led the declines on worries that higher rates will hurt lending. Goldman Sachs and Citigroup fell nearly 2%, while Bank of America, Wells Fargo and JPMorgan lost about 1% each.