United States stocks open lower, Dow poised to end eight-day rally


The broad sell-off Tuesday followed a spike in bond yields, which sent the 10-year Treasury yield to its highest in nearly seven years.

Higher borrowing costs sent stocks sharply lower.

Some banks got a boost from the higher rates, which make loans more profitable.

The Canadian dollar hit a near one-week low against its us counterpart as the greenback broadly rose and investors weighed prospects of a deadline being met for a new North American Free Trade Agreement between Canada, the United States and Mexico.

The S&P 500 fell 0.7 percent, to 2,711.45.

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The Dow lost 193 points, or 0.8 percent, to 24,706.

Other notable index closes included the S&P 400 Mid-Cap Index at 1,930.67 for a loss of -4.56 points or -0.24%; the S&P 100 at 1,192.81 for a loss of -9.25 points or -0.77%; the Russell 3000 at 1,609.65 for a loss of -9.76 points or -0.60%; the Russell 1000 at 1,503.91 for a loss of -9.88 points or -0.65%; and the Dow Jones U.S. Select Dividend Index at 692.46 for a loss of -1.80 points or -0.26%. Smaller rival Lowe's Companies Inc was down 1.0 per cent. Real estate, healthcare and technology stocks posted the biggest percentage losses.

Banks bucked the downward trend Tuesday and rose along with bond yields. The surge came after the Commerce Department said retail sales climbed 0.3 percent in April.

The declines Tuesday put the Dow Jones industrial average on track to end an eight-day winning streak.

Retail sales reported a monthly increase of 0.3%.

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The Nasdaq composite rose 8.43 points, or 0.1 percent, to 7,411.32.

WALL STREET: Losses in technology and health care companies helped pull US stocks lower Tuesday, snapping an eight-day winning streak by the Dow Jones industrial average.The broad sell-off followed a slide in bond prices, which sent the 10-year Treasury yield to its highest level in nearly seven years, paving the way for higher borrowing costs on mortgages and other loans.

The yield on the benchmark 10-year Treasury note rose to 3.05 percent, its highest level since July 2011. Mortgage rates, which have been rising this year, tend to track the movement in the 10-year Treasury yield.

The S&P 500 is up 56.52 points, or 2.1 percent.

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Stocks fell on Tuesday, with the Dow Jones industrial average closing in the red for the first time in eight sessions, as bond yields spiked to multi-year highs on the back of strong economic data and the USA entered another round of trade talks with China. Gold fell $27.90, or 2.1 percent, to $1,290.30 an ounce.