Stocks edge higher, Treasury yields soar after jobs data
[MGN]
NEW YORK (AP) — Stock indexes edged higher on Wall Street Friday while Treasury yields soared, after a healthy report on the U.S. job market strengthened expectations for coming interest rate hikes. The S&P 500 rose 0.2% in afternoon trading, after wavering between small gains and losses earlier.
The index is on track for a weekly loss following two weeks of gains.
The two-year Treasury yield approached its highest level in more than three years after a report showed the labor market remained strong in February.
It again topped the 10-year yield, an unusual even that’s historically been an ominous sign for the economy.