Stocks closed lower Thursday, as higher bond yields once again pulled down shares of technology companies and the energy sector sold off on a drop in oil prices.
The IT-heavy Nasdaq suffered its second-worst loss of the year, falling 3%. Bank stocks were among the best performers as investors bet that higher interest rates would translate into higher profits. The S&P 500 index fell 1.5%. The Dow Jones Industrial Average lost 0.5%.
Bond yields moved higher again, to levels not seen since January 2020.
The S&P 500 fell 58.66 points, or 1.5%, to 3,915.46
The Dow Jones Industrial Average fell 153.07 points, or 0.5%, to 32,862.30.
The Nasdaq fell 409.03 points, or 3%, to 13,116.17.
The Russell 2000 index of smaller companies fell 68.81 points, or 2.9% to 2,267.59.
For the week:
The S&P 500 is down 27.88 points, or 0.7%.
The Dow is up 83.66 points, or 0.3%.
The Nasdaq is down 203.70 points, or 1.5%.
The Russell 2000 is down 85.20 points, or 3.6%.
For the year:
The S&P 500 is up 159.39 points, or 4.2%.
The Dow is up 2,255.82 points, or 7.4%.
The Nasdaq is up 227.89 points, or 1.8%.
The Russell 2000 is up 292.73 points, or 14.8%.