U.S. stocks closed slightly lower on Thursday, as a slide in utility companies weighed on the market.
Investors had pushed up the prices of the dividend-rich stocks last year as bond yields dropped. Now that bond yields have crept higher since the end of January, the sector has fallen out of favor.
The Dow Jones industrial average fell 44.08 points, or 0.2 percent, to 17,985.77.
The Standard & Poor’s 500 index lost 2.23 points, or 0.1 percent, to 2,097.45.
The Nasdaq composite rose 18.34 points, or 0.4 percent, to 4,924.70.
For the week:
The Dow Jones industrial average is down 33.58 points, or 0.2 percent.
The Standard & Poor’s 500 index is up 0.46 points, or 0.02 percent.
The Nasdaq composite has gained 30.86 points, or 0.6 percent.
For the year:
The Dow is up 162.70 points, or 0.9 percent.
The S&P 500 index is up 38.55 points, or 1.9 percent.
The Nasdaq is up 188.64 points, or 4 percent.