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U.S. stocks closed lower Thursday, with the S&P 500 falling for a third straight day as long-term Treasury yields jumped amid worries the Federal Reserve will keep interest rates higher for longer to tame inflation. The Dow Jones Industrial Average DJIA fell 1.1%, while the S&P 500 SPX slumped 1.6% and the Nasdaq Composite COMP dropped 1.8%, according to preliminary data from FactSet. The yield on the 10-year Treasury note climbed 13.3 basis points on Thursday to 4.479%, the highest rate since October 18, 2007 based on 3 p.m. Eastern Time levels, according to Dow Jones Market Data.
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