Wall Street closed lower as it faces the prospect of a 5% yield on the 10-year Treasury for the first time since 2007.
The S&P 500 lost 0.8% Thursday following a mixed set of profit reports from Tesla and other influential companies The Dow Jones Industrial Average fell 250 points, and the Nasdaq composite dropped 1%.
Stocks felt pressure from the bond market, where rising yields have been squeezing Wall Street since the summer. The yield on the 10-year Treasury touched 4.99% before paring its gain.
On Thursday:
The S&P 500 fell 36.60 points, or 0.8%, to 4,278.00.
The Dow Jones Industrial Average fell 250.91 points, or 0.7%, to 33,414.17.
The Nasdaq composite fell 128.13 points, or 1%, to 13,186.18.
The Russell 2000 index of smaller companies fell 26.11 points, or 1.5% to 1,702.70.
For the week:
The S&P 500 is down 49.78 points, or 1.2%.
The Dow is down 256.12 points, or 0.8%.
The Nasdaq is down 221.06 points, or 1.6%
The Russell 2000 is down 17.01 points, or 1%.
For the year:
The S&P 500 is up 438.50 points, or 11.4%.
The Dow is up 266.92 points, or 0.8%.
The Nasdaq is up 2,719.69 points, or 26%
The Russell 2000 is down 58.54 points, or 3.3%.
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