NEW YORK • Stocks are closing lower on Wall Street as investors cut their holdings of high-dividend stocks they favored 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 percent.