U.S. stocks closed lower under the weight of higher yields in the bond market.
The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high.
American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring. Another climb for yields in the bond market also weighed on the stock market broadly following an auction of $44 billion in Treasurys. The yield on the 10-year Treasury rose to 4.61%.
On Wednesday:
The S&P 500 fell 39.09 points, or 0.7%, to 5,266.95.
The Dow Jones Industrial Average fell 411.32 points, or 1.1%, to 38,441.54.
The Nasdaq composite fell 99.30 points, or 0.6%, to 16,920.58.
The Russell 2000 index of smaller companies fell 30.66 points, or 1.5%, to 2,036.19.
For the week:
The S&P 500 is down 37.77 points, or 0.7%.
The Dow is down 628.05 points, or 1.6%.
The Nasdaq is down 0.21 points, or less than 0.1%.
The Russell 2000 is down 33.48 points, or 1.6%.
For the year:
The S&P 500 is up 497.12 points, or 10.4%.
The Dow is up 752 points, or 2%.
The Nasdaq is up 1,909.23 points, or 12.7%.
The Russell 2000 is up 9.11 points, or 0.4%.
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