Shares of power producers fell sharply as Treasury yields surged to fresh multiyear highs. Utilities were the worst performing sector, dropping nearly 2% amid a broad market selloff.
The 10-year benchmark, which has a broad impact on borrowing costs across the economy, rose as high as 5.14% Wednesday, an intraday level last seen in July 2007. It settled at 5.11%. The yield rose as high as 5.302% in 2007.
The bonds selloff comes despite efforts by the Treasury Department to cool down long-term yields by increasing its buying of long-term bonds. The department said Wednesday it will buy back as much as $6 billion in 20-year and 30-year bonds on Thursday.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
September 23, 2026 17:23 ET (21:23 GMT)
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