(CNBC) — Stocks traded in a wide range again on Wednesday as interest rates climbed back toward multi-year highs.
The S&P 500 rose 0.4 percent after briefly trading lower. The index began losing steam in afternoon trade shortly after a rise in the 10-year Treasury yield, rekindling the worry that sparked this cascading market plunge last Friday.
"That's probably the biggest thing happening here," said Dave Lutz, head of ETF trading at JonesTrading, referring to the rise in yields. He also noted the rise — which followed a lackluster auction — pressured stocks earlier in the session.
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