U.S. stock indexes ended lower, erasing earlier gains as Treasury yields rose after an auction of 30-year bonds went poorly and overshadowed strong company earnings
"The stock market started today's session with a distinct bullish bias, but then Treasury yields moved up and that took some of the steam out of the positive market today," said Jason Ware, chief investment officer at Albion Financial Group in Salt Lake City, Utah. He said investors were also still digesting recent comments from Fed officials.
Yields on the U.S. 30-year note rose after the Treasury Department saw weak demand for a $21 billion sale, the final sale of $96 billion in coupon-bearing supply this week. In a note to clients, Jefferies said "the buyside bid failed to come together."
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