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US stocks close lower amid rising Treasury yields

IANS  |  New York 

US stocks ended lower as investors continued to sift through the rising Treasury yields.

The on Thursday lost 54.95 points, or 0.22 per cent, to 24,713.98. The erased 2.33 points, or 0.09 per cent, to 2,720.13, reported.

The Index was down 15.82 points, or 0.21 per cent, to 7,382.47.

The benchmark 10-year Treasury climbed over 3.1 per cent on Thursday, the first time since 2011, while the two-year hovered around its highest levels in a decade.

The yield, a barometer for mortgage rates and other financial instruments, has jumped recently amid market fears of rising inflation, which sparked investors' speculation for more rate-hikes later this year.

The probability that the will raise its benchmark rate a fourth time this year went up to a record of 51.9 per cent on Thursday, according to the Chicago Mercantile Exchange's FedWatch tool.

In corporate news, US multinational company Cisco Systems, Inc. reported weaker-than-expected sales for its key services business on Wednesday after market closing. Shares of the company ended 3.76 percent lower on Thursday, the worst performer on the Dow.

--IANS

pgh/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 03:36 IST
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