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Wall Street: Stocks down from record highs as bonds plummet



Wall Street closed lower on Thursday as bond yields fell with the investors turned cautious following the market’s recent run of record highs.

The declines were broad with all 11 sectors in the S&P 500 closing in the red. Cyclically oriented materials, industrials, and financials were among the hardest hit, but technology and communication services stocks also declined. Defensive utilities and consumer staples sectors were the best off in the index.

The benchmark index’s pullback comes a day after it hit its eighth all-time high in nine trading days.

The S&P 500 fell 0.9%, weighed down as the yield on the 10-year Treasury note fell to 1.30%, the lowest level since February, after slipping to 1.32% a day earlier. The benchmark yield, which is used to set rates on mortgages and many other kinds of loans, has been falling steadily in recent weeks as traders shift money into bonds.

The 10-year yield traded as high as 1.74% at the end of March.

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