U.S. stocks closed lower on Thursday, with the selloff in equities gathered steam in late-day trade, as government bond yields touched their highest level in about 16 years. The Dow Jones Industrial Average DJIA, -0.84% shed about 291 points, or 0.8%, ending near 34,473, while the S&P 500 index SPX, -0.77% closed 0.8% lower and the Nasdaq Composite Index COMP, -1.17% fell 1.2%, according to preliminary FactSet Data.
Bond yields were once again a big driver in the market, with the 10-year Treasury rate TMUBMUSD10Y, 4.284% climbing to 4.307%, the highest yield for the benchmark rate since Nov. 2007, according to Dow Jones Market Data. Higher long-term Treasury rates make borrowing costs more expensive for households, the government and corporations, which can pinch earnings, economic growth and the stock market.
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