US Treasury yield hits 3% after more than three years

• The yield last closed above 3% in November 2018

The US Treasury yield on Monday touched its highest level in more than three years as investors braced for the expected Federal Reserve interest rate hike.

The 10-year Treasury yield reached as high as 3.008% in the afternoon to finally close at 2.995%. The yield last closed above 3% in November 2018.

US stocks also rallied during the late trading hours on Monday after the Dow and S&P 500 had their worst month in April since March 2020, and the Nasdaq had its sharpest monthly drop since October 2008.

The Dow Jones Industrial Average rose 84.29 points, or 0.26%, to 33,061.5.

The S&P 500 gained 23.45 points, or 0.57%, to 4,155.38 while the Nasdaq Composite rose 201.38 points, or 1.63%, to 12,536.02.

Picture Credits: Reuters

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