– Wall Street edged higher on Wednesday, helped by gains in retail and chip stocks, while investors weighed the impact of rising bond yields.
Investors are worried about a faster rise in interest rates as the U.S. 10-year Treasury yield US10YT=RR hovered near seven-year high on signs that the U.S. economy is on a stronger footing in the second quarter. [US/]
“Higher rates are going to present headwind to equity markets. Even with strong economic data, strong earnings, the markets are still flat year to date,” said Michael James, managing director of Institutional Equity Trading at Wedbush Securities in Los Angeles.