NEW YORK (AP) — Stocks fell broadly on Wall Street Thursday and Treasury yields rose after more indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to get inflation under control.
The S&P 500 fell 1% as of 10:19 a.m. Eastern. The Dow Jones Industrial Average fell 246 points, or 0.7%, to 33,312 and the Nasdaq fell 1%.
Bond yields rose and hovered around multidecade highs. The yield on the two-year Treasury note rose to 4.45% from…