Stocks Ended Solidly Lower as Bond Yields Rose

U.S. stocks closed solidly lower on Thursday, following a bond selloff that sent yields to multi-year highs. The Dow Jones Industrial Average dropped 200.91 points, or 0.75%, to 26,627.48. The S&P 500 shed 23.90 points, or 0.82%, to 2,901.61. The Nasdaq Composite fell 145.57 points, or 1.81%, to 7,879.51.

Oil futures settled lower on Thursday, with the U.S. benchmark suffering its largest one-day percentage decline since mid-August. November West Texas Intermediate crude lost $2.08, or 2.7%, to settle at $74.33 a barrel. December Brent fell $1.71, or 2%, to $84.58 a barrel.

The benchmark 10-year U.S. Treasury yield climbed past 3.2% for the first time since 2011, and the 30-year yield hovered above 3.3%.

Arrowhead Pharmaceuticals Inc (ARWR) said on Thursday Johnson & Johnson (JNJ.N) would develop and market its gene-silencing Hepatitis B treatment and buy a minor stake in a deal that could be potentially worth more than $3.7 billion (2.8 billion pounds), sending its shares surging 20 percent.