U.S. Stocks Retreat After Bond Yields Gain; Citigroup Declines

U.S. stocks fell after the yield on the benchmark Treasury bond rose for the first time in four days, reviving concern higher borrowing costs will curb growth.

Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. led declines in companies that benefit from low interest rates.

The Standard & Poor's 500 Index slipped 2.91, or 0.2 percent, to 1530.79 as of 10:08 a.m. in New York. The Dow Jones Industrial Average retreated 16.75, or 0.1 percent, to 13,618.67. The Nasdaq Composite Index futures lost 4.48, or 0.2 percent, to 2622.28.

Citigroup, the world's biggest financial-services firm, lost 42 cents to $53.84. JPMorgan, the third-largest U.S. bank, retreated 50 cents to $50.35.

The yield on the 10-year Treasury note, which influences interest rates on mortgages and corporate loans, gained almost 4 basis points, or 0.04 percentage point, to 5.12 percent.

source:www.bloombegr.com