Wall St. sinks sharply as Yields jump, financials falter after Goldman miss

Wall St. sinks sharply as Yields jump, financials falter after Goldman miss

On Tuesday, all three key indices of Wall St. had fallen across the board with financials leading the tally of declines following a weaker-than-anticipated quarterly earnings’ report from Goldman Sachs, while a continuation of a sharp tottering in tech stocks with US Treasury Yields rising sharply, had added to further holocaust on the so-called growth stocks.

In point of fact, apart from a steep drop in Goldman shares that largely dragged financial stocks down, a jump in US Treasury Yields to a two-year peak had eclipsed appetite for riskier assets, while a stronger US Dollar, which appears to have restored its safe-haven appeal, had pressed the US equity markets further.

10-year US Treasury bonds had surged by 0.10 percentage points to 1.875 per cent, marking off a fresh two-year peak, as market participants had been bracing for an earlier-than-anticipated rate hike. Apart from that, economic data released earlier in the day had revealed that US homebuilders’ confidence had dropped in January following a four-month-long winning streak, while a decline in factory activities in the US State of New York had downhearted the traders further.







Wall St. slumped as Goldman Sachs profit miss hits