The Dow and S&P 500 closed lower Wednesday, ending a string of gains for the equity benchmarks that have been mostly rising to all-time highs on the back of upbeat quarterly results from American corporations. The Dow Jones Industrial Average
closed down 266 points, or 0.7%, at about 35,491, the S&P 500 index
closed 0.5% lower at 4,552. The Nasdaq Composite Index
finished the session nearly unchanged at 15,236, as a retreat in yields for the 10-year Treasury note
and the 30-year Treasury bond
hit lows not seen since July 19, according to Dow Jones Market Data. Lower yields can buoy yield-sensitive sectors like information technology and investment factors like growth. In corporate results, Microsoft Corp.
reported quarterly earnings that shot over $20 billion for the first time, late Tuesday, which helped to limit declines in the broader market and supported the tech sector on Wednesday. Microsoft shares rose 4.2% to $323.17, notching a record close, according to Dow Jones Market Data. Meanwhile, in a surprise move Wednesday, the Bank of Canada said it would abruptly end its bond-buying program and warned of prolonged inflation through 2023, while also signaling it may hike interest rates sooner than expected, the second quarter of 2022.