(CNBC) -- The S&P 500 reversed lower in volatile trading on Tuesday, slipping from a record high as rising bond yields kept investors on edge.
The broad equity benchmark erased a 0.4% gain to close 0.1% lower at 3,932.59. The tech-heavy Nasdaq Composite fell 0.3% to 14,047.50. The Dow Jones Industrial Average closed up 64.35 points, or 0.2%, to 31,522.75, eking out a record close.
The 10-year Treasury yield jumped 9 basis points Tuesday to top 1.30%, a level not seen since February 2020. The 30-year rate also hit its highest level in a year. Many on Wall Street believe that surging interest rates could make the high-flying equity market less attractive, while posing a threat to sectors like tech that have benefited from the low-rate environment.
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