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March 30 (UPI) — U.S. markets fell on Tuesday after the 10-year Treasury yield briefly rose to a 14-month record high.

The Dow Jones Industrial Average fell 104.41 points, or 0.31%, while the S&P 500 dropped 0.32% and the tech-heavy Nasdaq Composite closed the day down 0.11% as tech stocks experienced a sell-off.

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The Treasury yield increased 1.77% at its height, reaching its highest level since January 2020 and ultimately ended flat at 1.72%.

“There’s two different sides to rising rates — is it being driven by fears of inflation or by optimism about the economy? And lately it’s been driven more by optimism about the economy,” Tom Hainlin, global investment strategist at U.S. Bank Wealth Management told CNBC.

Apple and Microsoft helped lead the decline on Tuesday each falling more than 1%.

Stocks that would benefit from the reopening of economies increased Tuesday after the Conference Board’s Consumer Confidence Index rose to 109.7 in March, its highest reading in a year.

American Airlines stock gained 5.28%, United Airlines increased 3.58%, Carnival stock grew 3.98% and Norwegian Cruise Line ended the day up 3.78%.

Despite Tuesday’s losses, the Dow remains up 6.9% for the month while the S&P 500 is up 3.9%.

AllianceBernstein portfolio strategists Inigo Frase-Jenkins and Alla Harmsworth predicted the S&P 500 could double to 8,000 over the next eight and a half years, citing low inflation and desire by investors to own stocks rather than other assets.

“We argue that we are in a very different policy environment. For the first time in at least a decade there is a plausible narrative for why inflation may rise. In addition, there are also reasons why rates may not respond as quick to inflationary signals,” they said. “This leaves us with the prospect of persistent low real yields, which can justify market valuations.”