Stocks fall after Wall Street’s morning rally evaporates

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks closed lower following another mixed batch of profit reports from companies, as rising yields in the bond market raise the pressure on Wall Street. The S&P 500 fell 0.9% Thursday after erasing a gain of about the same size from the morning. The Dow lost 0.7% and the Nasdaq gave up 1%. Stocks have been shaky this week, flipping from gains to losses and back again amid uncertainty about where interest rates and inflation are heading. Treasury yields rose, and the two-year yield hit its highest level since November. More companies announced layoffs, but the overall number across the economy remains relatively low.