Stocks closed mostly lower in New York yesterday as bond yields soared to the highest level in more than two years on fears that the Federal Reserve would suggest today that future interest-rate increases may be needed to cool the nation's economic growth.
On Wall Street, the Dow Jones industrial average fell 113.16, or 1 per cent, to close at 11,144.27. The Standard and Poor's 500 fell 2.96 to 1,418.09, and the Nasdaq composite index rose 30.83 to 3,783.89.
Declining issues outnumbered advancers by a 3-to-2 margin on the New York Stock Exchange, with 1,829 down, 1,284 up and 456 unchanged.
NYSE volume totalled 895 million shares, against 1.35 billion in the previous session.
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The Russell 2000 index of smaller companies rose 0.98 to 467.19.
