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Stock market pulls back as investors shift out of high-dividend stocks
NEW YORK, N.Y. – Stocks are closing lower on Wall Street as investors cut their holdings of high-dividend stocks they favoured at the beginning of the year.
The yield on the 10-year Treasury note is near the highest it’s been in 13 months. That’s giving investors who want steady income an alternative to dividend-rich stocks like utilities.
The Dow Jones industrial average lost 106 points to close 15,302 points Wednesday, giving back its gain from the day before. That’s a decline of 0.7 per cent.
The Standard & Poor’s 500 fell 11 points to 1,648, or 0.7 per cent. The Nasdaq composite lost 21 points to 3,467, or 0.6 per cent.
Four stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 3.5 billion shares.
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