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WATCH: Even With Weaker Wage Growth, a 3% 10-Year Yield Is Still Bad for Stocks

A 3% 10 year Treasury yield is bad for stocks, according to TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.
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The markets surged after last Friday's jobs report, showing the economy added 313,000 jobs in February. Wall Street was looking for just over 200,000. Wage growth was weaker than the prior month - which was actually a good thing for the markets.

Investors don't want to see too much wage growth - because it could result in a faster pace of Federal Reserve rate hikes. Higher interest rates make stocks less attractive. 

But broader worries over higher wage growth and inflation have resulted in higher yields on the 10-year Treasury yield.  

The yield has remained close to 3% but has failed to breach that level so far this year. 

A 3% 10 year yield is bad for stocks, according to TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. 

Cramer said a 3% 10-year yield could trigger algorithm to sell stocks. 

Now watch an NYSE trader explain how to play the stock market this week: