Stocks slide as strong economic data raises rate worries

NEW YORK (AP) — A swift jump in Treasury yields is rattling Wall Street on Wednesday, sending stock indexes down about 1% at the start of another month in what’s been a turbulent year.

The S&P 500 was 0.9% lower in afternoon trading after an early morning gain quickly vanished.

Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected.

That bolstered investors’ expectations for the Federal Reserve to continue raising interest rates aggressively to slow the economy in hopes of halting high inflation.

Categories: National News