NEW YORK (AP) — Stocks are closing lower on Wall Street as investors cut their holdings of high-dividend stocks they favored at the beginning of the year.
The yield on the 10-year Treasury note is near the highest it's been in 13 months. That's giving investors who want steady income an alternative to dividend-rich stocks like utilities.
The Dow Jones industrial average lost 106 points to close 15,302 points Wednesday, giving back its gain from the day before. That's a decline of 0.7 percent.
The Standard & Poor's 500 fell 11 points to 1,648, or 0.7 percent. The Nasdaq composite lost 21 points to 3,467, or 0.6 percent.
Four stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 3.5 billion shares.