US stocks closed down for a fourth straight day Monday, as yields on Treasury bonds crept higher.
In U.S. economic news, investors have yanked nearly $20 billion from bond mutual funds and exchange traded funds so far in August. That is the fourth highest pullback ever, according to TrimTabs data. In June, investors took out $69.1 billion – the highest on record. The heavy selling has pushed long-term bond rates to two-year highs, with the benchmark 10-year Treasury yield nearing 3 percent.
In international economic news, investors were nervously watching India, where stocks have plunged lately as the country’s rupee currency hit an all-time low.
The dollar lost ground against the euro and the pound, but gained ground versus the yen. Light sweet crude oil for September delivery dropped 36 cents to $107.10 a barrel on the New York Mercantile Exchange. Gold futures fell $5.30 to $1,365.70 an ounce.
The Dow Jones industrial average lost 70.73, or 0.47 percent, to 15,010.74. The broader Standard & Poor’s 500 index dropped 9.77, or 0.59 percent, to 1,646.06. The technology-heavy Nasdaq composite index fell 13.69, or 0.38 percent, to 3,589.09.