Wall Street closed lower as it faces the prospect of a 5 percent yield on the 10-year Treasury for the first time since 2007.
The S&P 500 lost 0.8 percent 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 percent.
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 percent before paring its gain.
On Thursday:
The S&P 500 fell 36.60 points, or 0.8 percent, to 4,278.00.
The Dow Jones Industrial Average fell 250.91 points, or 0.7 percent, to 33,414.17.
The Nasdaq composite fell 128.13 points, or 1 percent, to 13,186.18.
The Russell 2000 index of smaller companies fell 26.11 points, or 1.5 percent to 1,702.70.
For the week:
The S&P 500 is down 49.78 points, or 1.2 percent.
The Dow is down 256.12 points, or 0.8 percent.
The Nasdaq is down 221.06 points, or 1.6 percent.
The Russell 2000 is down 17.01 points, or 1 percent.
For the year:
The S&P 500 is up 438.50 points, or 11.4 percent.
The Dow is up 266.92 points, or 0.8 percent.
The Nasdaq is up 2,719.69 points, or 26 percent.
The Russell 2000 is down 58.54 points, or 3.3 percent.
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