Treasury yields rise, stocks slide following Fed testimony
NEW YORK (AP) — Treasury yields rose Tuesday, and U.S. stock indexes fell after the head of the Federal Reserve said that he's feeling more optimistic about the economy.
The testimony by Fed Chairman Jerome Powell before Congress was highly anticipated, and investors dissected his every word for indications that the central bank will get more aggressive about raising interest rates in the face of a growing economy and potentially higher inflation.
KEEPING SCORE: The Standard & Poor's 500 was down 23 points, or 0.8 percent, at 2,756, as of 3:30 p.m. Eastern time. It is coming off a three-day winning streak and is now down 4 percent from its record high, which was set last month.