Stocks on Wall Street closed broadly lower Tuesday, giving back some of their big gains from the day before.
Higher interest rates cause investors to rethink how much they’re willing to pay for stocks, making each dollar of profit that companies earn a little less valuable. That’s making Wall Street reconsider the value of technology stocks, in large part because those stocks’ recent dominance left them looking even pricier than the rest of the market.“Valuations have just become problematic across certain pockets of the U.S.
Treasury yields have been climbing with expectations for economic growth and inflation, and such a rise makes borrowing more expensive for home buyers, companies taking out loans and virtually everyone else. That can slow economic growth.The yield on the 10-year Treasury eased a bit Tuesday, falling to 1.41% from 1.44% late Monday. That reprieve followed weeks of relentless rising. The 10-year yield surpassed 1.50% last week, up from roughly 0.
Rocket, which operates Rocket Mortgage and other personal finance brands, said last week that its revenue more than doubled in the fourth quarter, reflecting strong growth across all its businesses.
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