Markets Close Lower
Dow ends day down 85
By Newser Editors and Wire Services
Posted Oct 4, 2016 3:04 PM CDT
FILE - In this Monday, Sept. 26, 2016, file photo, traders Kevin Lodewick, left, and Richard Cohen work on the floor of the New York Stock Exchange. U.S. stocks are bouncing back early Friday, Sept. 30, 2016, after a steep loss late the previous day.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing broadly lower on Wall Street after an early gain faded away, the AP reports. Utilities and phone companies fell the most Tuesday as bond yields rose sharply, diminishing the appeal of those sectors as sources of income. AT&T lost 2%. Bank stocks bucked the downward trend in the market and moved higher. Citigroup rose 1.5%. Higher interest rates will mean higher profits from lending for banks. The price of gold fell sharply. The Dow Jones industrial average fell 85 points, or 0.5%, to 18,168. The Standard & Poor's 500 index fell 10 points, or 0.5%, to 2,150. The Nasdaq composite fell 11 points, or 0.2%, to 5,289.