Yellen warning, bond anxiety send Wall Street lower

The S&P 500 dipped to its lowest since mid-April after Yellen said high equity valuations could pose dangers, although she also said she does not see any bubbles forming. With corporate earnings season winding down, U.S. investors are bracing for an April payroll report later this week that could give a hint of when the Fed will begin raising interest rates. “Everyone is obsessed with the Fed,” said Michael Church, president of Addison Capital Management in Philadelphia. At 2:20 p.m., th