U.S. stocks end lower, S&P 500 logs third straight day of losses after Fed Chair Powell remarks

U.S. stocks closed lower on Thursday as Treasury yields climbed, as investors digested remarks from Federal Reserve Chair Jerome Powell that more interest-rate hikes may be needed. The Dow Jones Industrial Average
DJIA,
-0.75%
finished down around 0.8%, while the S&P 500
SPX,
-0.85%
fell 0.9% and the Nasdaq Composite
COMP,
-0.96%
dropped 1%, according to preliminary data from FactSet. Powell said Thursday the Fed is “attentive” to recent economic data showing resilient U.S. economic growth and demand for labor, a trend that could lead to more rate hikes if it continues. The S&P 500 and Nasdaq each booked a third straight day of declines, FactSet data show. In the bond market, the yield on the 10-year Treasury note rose 8.5 basis points to 4.987%, the highest since July 20, 2007 based on 3 p.m. Eastern Time levels, according to Dow Jones Market Data.