US Treasury Yield Surges Past 24-Year High as Stocks See Mixed Results

The US Treasury yield reached its highest level in 24 years, surpassing 5.3% for the first time since May 2002.

The surge in long-term yields pressured investor sentiment, leading to mixed results in New York stocks at the close of trading.

The Dow Jones Industrial Average closed at 50,906.05, down 443.87 points (0.86%) from the previous session, while the S&P 500 fell 19.30 points (0.25%) to 7,651.54.

However, tech names led the advance among large-cap stocks, with Nvidia, Apple, Microsoft, Amazon, Alphabet, SpaceX, and Tesla all posting gains.