Stocks closed lower on Wall Street and Treasury yields rose Thursday afternoon after more indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to get inflation under control.
The S&P 500 fell 0.3 percent, with retailers and banks among the biggest weights on the benchmark index. The Dow Jones Industrial Average slipped less than 0.1 percent, while the Nasdaq composite closed 0.3 percent lower.
