Treasuries undermine stocks, Dow Jones drops 333 points, Nasdaq loses 219
NEW YORK, New York - An uptick in U.S. homebuilding triggered by increased demand for construction of new single-dwelling homes, pushed Treasury yields higher again Wednesday. The homebuilding data would normally boost stocks, however the accompanying rise in yields had sellers getting the upper hand.
"We're in a period of sector rotation, and people are trying to figure out in this new environment, in a