Stocks fall from records, U.S. yields continue to climb

Stocks fall from records, U.S. yields continue to climb

The Dow Jones Industrial Average fell 89.28 points, or 0.29%, to 31,008.69, the S&P 500 lost 25.07 points, or 0.66%, to 3,799.61 and the Nasdaq Composite dropped 165.54 points, or 1.25%, to 13,036.43.The pan-European STOXX 600 index lost 0.67%.With Asian stock markets also lower, MSCI's gauge of stocks across the globe shed 0.77% after closing at a record high on Friday.Longer-term Treasury yields were at their highest since March before new long-dated supply coming this week and on speculation of more U.S. fiscal stimulus as Democrats will have control of Congress and the White House. Expectations of a multitrillion-dollar stimulus plan and the belief the Federal Reserve will not act to counter rising interest rates, along with new Treasury supply are helping yields rise, said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York.Benchmark 10-year notes last fell 11/32 in price to yield 1.1443%, from 1.107% late on Friday.The spread between the 2-year and 10-year Treasury yield brushed against 100 basis points to hit its steepest since July 2017.The climb in yields in turn offered some support to the dollar, which rose to its highest in over two weeks against a basket of currencies."While the USD may