Stocks closed lower on Wall Street, reversing course after two days of gains.
Major indexes are still higher for the week despite the declines, which pulled every sector lower except energy. Treasury yields continue to climb to multiyear highs, tempting investors with higher returns on relatively low-risk investments.
The yield on the two-year Treasury rose above 4.5% and is at its highest level since August 2007.
Several companies fell after reporting disappointing results including backup generator maker Generac and M&T Bank. Small-company stocks fell more than the rest of the market.
On Wednesday:
The S&P 500 fell 24.82 points, or 0.7%, to 3,695.16.
The Dow Jones Industrial Average fell 99.99 points, or 0.3%, to 30,423.81.
The Nasdaq fell 91.89 points, or 0.9%, to 10,680.51.
The Russell 2000 index of smaller companies fell 30.20 points, or 1.7%, to 1,725.76.
For the week:
The S&P 500 is up 112.09 points, or 3.1%.
The Dow is up 788.98 points, or 2.7%.
The Nasdaq is up 359.12 points, or 3.5%.
The Russell 2000 is up 43.35 points, or 2.6%.
For the year:
The S&P 500 is down 1,071.01 points, or 22.5%.
The Dow is down 5,914.49 points, or 16.3%.
The Nasdaq is down 4,964.46 points, or 31.7%.
The Russell 2000 is down 519.56 points, or 23.1%.
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