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Stocks drifted to a lower close as Wall Street’s red-hot rally this year cooled a bit more.
The S&P 500 slipped 0.3% Thursday, its third straight loss. The Dow fell 66 points, or 0.2%, and the Nasdaq composite lost 0.1%.
Treasury yields in the bond market continued to march higher, putting more pressure on the stock market. Yields have climbed as the economy has remained remarkably resilient despite much higher interest rates meant to drive down inflation. Reports on Thursday indicated a still-solid job market and still-growing services industries. A more impactful report on jobs will arrive Friday.
On Thursday:
The S&P 500 fell 11.50 points, or 0.3%, to 4,501.89
The Dow Jones Industrial Average fell 66.63 points, or 0.2%, to 35,215.89.
The Nasdaq composite fell 13.73 points, or 0.1%, to 13,959.72.
The Russell 2000 index of smaller companies fell 5.43 points, or 0.3%, to 1,961.40.
For the week:
The S&P 500 is down 80.34 points, or 1.8%.
The Dow is down 243.40 points, or 0.7%.
The Nasdaq is down 356.94 points, or 2.5%.
The Russell 2000 is down 20.13 points, or 1%.
For the year:
The S&P 500 is up 662.39 points, or 17.3%.
The Dow is up 2,068.64 points, or 6.2%.
The Nasdaq is up 3,493.23 points, or 33.4%.
The Russell 2000 is up 200.16 points, or 11.4%.