NEW YORK, April 9 — The US Treasury 10-year yield hit a three-year high above 2.7 per cent yesterday while the US dollar index posted its largest weekly percentage gain in a month, helped by the prospect of more aggressive Federal Reserve tightening.
The dollar index advanced to 100 for the first time in nearly two years. It rose as high as 100.19, its highest since May 2020. It was last little changed on the day at 99.822, and up 1.3 per cent on the week. “The dollar’s latest pop is the culmination of bullish factors ranging from geopolitical risk, election uncertainty in France, and the Fed’s increasingly hawkish outlook for interest rates,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
The Dow Jones Industrial Average rose 137.55 points, or 0.4 per cent, to 34,721.12, the S&P 500 lost 11.93 points, or 0.27 per cent, to 4,488.28 and the Nasdaq Composite dropped 186.30 points, or 1.34 per cent, to 13,711.00.