Markets Right Now: Rising interest rates push stocks lower

The latest on developments in financial markets (all times local):

4:00 p.m.

Global stocks are closing Thursday as interest rates in the U.S. continued to rise. Internet and technology companies took some of the worst losses. The yield on the 10-year Treasury note rose further after hitting a seven-year high on Wednesday.

Google parent company Alphabet slumped 2.8 percent, its biggest drop since late April. Microsoft fell 2.1 percent.

The S&P 500 fell 23 points, or 0.8 percent, to 2,901.

The Dow Jones Industrial Average lost 200 points, or 0.7 percent, to 26,627. The Nasdaq composite shed 145 points, or 1.8 percent, to 7,879.

The yield on the 10-year Treasury note rose to 3.19 percent.

Stocks in Europe and Asia also declined and overseas government bond yields rose.

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11:45 a.m.

Global stocks are falling Thursday as a rise in interest rates in the U.S. ripples worldwide.

In the U.S., internet and technology companies and high-dividend paying stocks are falling. The yield on the 10-year Treasury note is rising further after hitting a seven-year high a day earlier.

The S&P 500 fell 23 points, or 0.8 percent, to 2,901.

The Dow Jones Industrial Average lost 218 points, or 0.8 percent, to 26,610. The Nasdaq composite shed 123 points, or 1.6 percent, to 7,900.

Stocks in Europe and Asia also declined and government bond yields rose.

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9:35 a.m.

Global stocks are slipping as interest rates keep rising.

The yield on 10-year Treasury note rose to 3.18 percent Thursday, a seven-year high. Its price sank Wednesday following strong U.S. economic data.

Internet companies slumped. Facebook lost 1.2 percent and Google's parent company, Alphabet, fell 1 percent.

Barnes & Noble jumped 24.5 percent after the bookseller said it is considering buyout offers.

The S&P 500 fell 7 points, or 0.3 percent, to 2,916.

The Dow Jones Industrial Average lost 78 points, or 0.3 percent, to 26,749. The Nasdaq composite shed 46 points, or 0.6 percent, to 7,978.

Indexes in Europe and Asia also fell and government bond yields rose.