U.S. stocks fall as Treasury yields rise

NEW YORK, March 28 (Xinhua) -- Wall Street's major averages declined on Tuesday, pressured by an upswing in U.S. Treasury yields.

The Dow Jones Industrial Average decreased 37.83 points, or 0.12 percent, to 32,394.25. The S&P 500 was down 6.26 points, or 0.16 percent, to 3,971.27. The Nasdaq Composite Index fell 52.76 points, or 0.45 percent, to 11,716.08.

Six of the 11 primary S&P 500 sectors ended in red, with communication services and health care down 1.02 percent and 0.57 percent, respectively, leading the laggards. Energy rose 1.45 percent, the best-performing group.

Investors remained worried over the stability of the banking system on both sides of the Atlantic.

A rebound in U.S. government bond yields weighed on equities, in particular, growth stocks.

The yield on the benchmark U.S. 10-year Treasury rose by 4 basis points to trade at 3.57 percent in late trading on Tuesday. The yield on the 2-year Treasury note rallied more than 11 basis points to trade above 4 percent, recovering from a bank crisis dip.

On the economic front, the U.S. consumer confidence index increased to 104.2 in March from 103.4 in February, New York-based The Conference Board reported on Tuesday. The reading exceeded forecasts, but remained below the average level of 104.5 seen in 2022.

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