Finance

Fed willingness to consider rate hike squashes stock rally

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NEW YORK : Bond yields rose and the stock market gave up an early gain after the Federal Reserve indicated that it would consider raising its benchmark interest rate at its next meeting in December.

The yield on the 10-year Treasury note rose to 2.09 percent shortly after the Fed’s statement came out at 2 p.m. Eastern time Wednesday, up from 2.07 percent just before.

The Dow Jones industrial average gave up a gain of 130 points and was down three points as of 2:15 p.m.

The Standard & Poor’s 500 index was little changed at 2,065. The Nasdaq composite fell two points to 5,024.

Oil prices rose sharply, sending energy stocks higher. U.S. crude was up 6 percent. Chevron climbed 2 percent.

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