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U.S. long-term interest rates hit a high Wednesday with the yield on 10-year notes at 4%. Yields jumped 4 basis points, the biggest jump since 2003. This was up from 3.6% just one week ago. Mortgage lenders use the benchmark 10-year note to price their mortgage rates.
Four percent is the magic number for traders. When the yield reached 4%, traders moved in to buy. The higher rate also took its toll on the stock market, with the Dow down 24.04 to 8739.02.
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