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Stocks fall after weak auction of 10-year notes
Stocks fall as weak 10-year note auction raises worries about inflation, interest rates
Madlen Read, AP Business Writer
On Wednesday June 10, 2009, 1:19 pm EDT
Buzz up! Print NEW YORK (AP) -- A weak auction of Treasury notes is putting the pressure on both stocks and bonds.
The Dow Jones industrial average fell about 65 points Wednesday after the government sold $19 billion in 10-year Treasury notes. The government had to lure buyers with a higher yield than the market anticipated.
The 10-year note's yield, which is closely tied to interest rates on mortgages and other consumer loans, jumped to 3.99 percent, a new high for the year.
Investors are concerned the government's debt load will become untenable, leading to higher inflation and soaring interest rates. Rising rates could hamper the economy's recovery.
By early afternoon, the Dow fell 64.17, or 0.7 percent, to 8,698.89. The Standard & Poor's 500 index fell 8.42, or 0.9 percent, at 934.01. The Nasdaq composite index fell 20.86, or 1.1 percent, to 1,839.27.
The major stock indexes had been modestly lower ahead of the auction after oil touched a new high for 2009 above $71 a barrel.
Higher commodity prices have been boosting energy and materials stocks, and raising hopes that economic activity is improving. But they have also been raising worries about inflation, which could potentially crimp consumer demand.
Trading was also cautious ahead of the Federal Reserve's report on regional economies around the country. The data is scheduled for release at 2 p.m. Eastern time.
The Dow has been waffling around 8,700 this month, just below where it started the year, after its massive three-month-long rebound from 12-year lows reached in early March.
It's a good sign the market has been largely holding up after its rally, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. But "we're going to need to have more positive news on the economic front to make another push higher."
