Stocks closed lower on Wall Street, reversing course after two days of gains.
Major indexes are still higher for the week despite the declines, which pulled every sector lower except energy. Treasury yields continue to climb to multiyear highs, tempting investors with higher returns on relatively low-risk investments.
The yield on the two-year Treasury rose above 4.5 percent and is at its highest level since August 2007.
Several companies fell after reporting disappointing results including backup generator maker Generac and M&T Bank. Small-company stocks fell more than the rest of the market. On Wednesday:
The S&P 500 fell 24.82 points, or 0.7 percent, to 3,695.16.
The Dow Jones Industrial Average fell 99.99 points, or 0.3 percent, to 30,423.81.
The Nasdaq fell 91.89 points, or 0.9 percent, to 10,680.51.
The Russell 2000 index of smaller companies fell 30.20 points, or 1.7 percent, to 1,725.76. For the week:…