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US stocks sink midday as Treasury yields climb

US stocks sink midday as Treasury yields climb

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12.05 pm: Rising oil prices spark investor inflation and rate hike concerns US stocks fell sharply in noon trading, as the 10-year Treasury yield rose to its highest levels since June following the Federal Reserve’s signaled last week it would taper its $120 billion in monthly bond purchases “soon.” At midday, the Dow fell 510 points to 34,360, while the S&P 500 lost 85 points at 4,359 and the tech-heavy Nasdaq dropped 384 points, or 2.6%, to 14,585.

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