


Stocks drifted to a mixed close on Wall Street Thursday in what has been a rocky week so far because of worries coming out of the bond market about the U.S. government’s mounting debt.
Trading remained choppy throughout most of the day following Wednesday’s big slump for the S&P 500. That loss has put the benchmark index on track for its worst week in the last seven.
The S&P 500 slipped 2.60 points, or less than 0.1%, to close at 5,842.01. The Dow Jones Industrial Average fell 1.35 points, or less than 0.1%, to 41,859.09. The Nasdaq composite rose 53.09 points, or 0.3% to 18,925.73.
Technology stocks did most of the heavy lifting for the broader market. The majority of stocks within the S&P 500 lost ground, but gains for technology companies with outsized values offset those losses. Google’s parent Alphabet jumped 1.4% and Nvidia rose 0.8%.
The uneven trading this week and sharp decline for stocks on Wednesday follows several weeks of mostly gains that have brought the S&P 500 back within 5% of its all-time high.
Treasury yields held a bit steadier in the bond market, but only after oscillating earlier in the morning after the House of Representatives approved a bill that would cut taxes and could add trillions of dollars to the U.S. debt. The bond market has been the epicenter of Wall Street’s action this week. Yields have been broadly on the rise in part because of worries about the U.S. government’s spiraling debt.
Besides making it more expensive for the U.S. government to borrow to pay its bills, higher Treasury yields can also filter into the rest of the economy and make it tougher for U.S. households and businesses to get their own loans. Higher yields also discourage investors from paying high prices for stocks and other investments.
— Associated Press