NYSE Closes Lower as Treasury Yields Rise

The New York Stock Exchange (NYSE) closed lower on Thursday, as Treasury bond yields maintained their upward trend as the Federal Reserve expected inflation to exceed 2% this year.

Rising yields increased pressures on tech stocks, while the continuous decline in oil prices left its toll on energy companies.

The Dow Jones Industrial Average, which exceed the 33,000-point level yesterday for the first time, declined by 153 points, or 0.46%, to close 32,862.30 points.

The S&P 500 index lost 58.66 points, or 1.48%, to end the session at 3,915.46 points.

The Nasdaq Composite index dropped by 409.03 points, or 3.02%, settling at 13,116.17 points.