Dow ends almost 300 points lower, stocks fall for third straight day as bond yields jump

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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