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12:20Now PlayingWatch: President Joe Biden gives remarks on the state of the US economy | USA TODAY
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12:20Now PlayingPresident Biden delivers remarks on the US economy amid growing fears of recession.
RELATEDBiden announces release of more oil to combat rising gas prices
Stocks on Wall Street lost ground again Thursday, though the major indexes remained on pace for a weekly gain after a strong two-day rally earlier this week. The S&P 500 fell 0.8%. Nearly three-fourths of the stocks in the benchmark index closed in the red, with retailers, banks and industrial companies among the biggest weights. The Dow Jones Industrial Average slipped 0.3% and the Nasdaq composite fell 0.6%. Small company stocks fell more than the broader market, pulling the Russell 2000 index 1.2% lower.
Treasury yields continued rising to multiyear highs, a trend that's helped push up rates on mortgages and other loans. The yield on the 10-year Treasury climbed to 4.23% from 4.14% late Wednesday and is at its highest level in 14 years. The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.61% from 4.56%.
Corporate earnings remained a big focus for Wall Street all week as investors try to get a better picture of how companies are faring amid the hottest inflation in four decades and how they see the economy moving forward.
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