The rise in US bond rates yesterday pushed stocks lower on Wall Street. The Dow Jones industrial average closed down 33.33 points - or by 0.3 per cent - at 9,366.34, and it got as low as 9,233.59, down 166 points, during the session. The benchmark 30-year Treasury bond plunged $15.63 (€14.15) for every $1,000 (€905) valuation, and its yield, which moves opposite the price, rose to 5.62 per cent from 5.51 per cent on Wednesday. For years, equity prices have risen on the assumption that low interest rates would encourage consumers to borrow and spend, thus keep the economy and corporate earnings humming.

Declining issues outnumbered advancers by a 13-to-seven margin on the New York Stock Exchange, with 1,057 up, 1,962 down, and 545 unchanged. NYSE volume totalled 737.14 million shares, against 764.29 million in the previous session.