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At the open: Bond-yield surge ignites alarm, gold sinks Add to ...

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Wall Street opened with solid gains in the wake of a stronger-than-expected U.S. jobs report, but the buying momentum soon fizzled as long-term bond yields surged to nearly two-year highs in the U.S.

The rise in the U.S. 10-year Treasury note yield of two-tenths of a percentage point to 2.7 per cent has rekindled worries about money getting more expensive to borrow, just as the U.S. jobs picture is brightening. It's also reigniting flows out of income-producing securities such as dividend stocks and real estate investment trusts. The S&P/TSX capped REIT index is down close to 1 per cent this morning.

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