A violent sell-off in US government bonds ricocheted through markets on Thursday, sending share prices lower and handing tech stocks their worst day since October.
The yield on the benchmark 10-year Treasury rose as much as 0.16 percentage points to exceed 1.5 per cent for the first time in a year. The five-year yield, which is considered to be more sensitive to monetary policy shifts, jumped 0.2 points to 0.82 per cent, the second-largest one day rise seen over the past decade, before retreating to 0.8 per cent.
The sell-off in the bond market jolted equities, pushing the broad S&P 500 down 2.5 per cent. The tech-heavy Nasdaq Composite closed 3.5 per cent lower, its worst day since late October.
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