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Stocks on Wall Street lost ground again Thursday, though the major indexes remained on pace for a weekly gain after a strong two-day rally earlier this week.
The S&P 500 fell 0.8 percent. Nearly three-fourths of the stocks in the benchmark index closed in the red, with retailers, banks and industrial companies among the biggest weights. The Dow Jones Industrial Average slipped 0.3 percent and the Nasdaq composite fell 0.6 percent. Small company stocks fell more than the broader market, pulling the Russell 2000 index 1.2 percent lower.
Treasury yields continued rising to multiyear highs, a trend that’s helped push up rates on mortgages and other loans. The yield on the 10-year Treasury climbed to 4.23 percent from 4.14 percent late Wednesday and is at its highest level in 14 years. The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.61 percent from 4.56 percent....