Wall Street bucks global rally as bond yields rise



On Thursday, Wall Street stocks retreated from earlier record highs in line with gains seen in international markets, despite soft U.S. economic data. Treasury yields, anticipating new supply next week, rebounded after an initial dip.

Meanwhile, the dollar strengthened as higher U.S. yields widened the gap compared to rates in other currencies, which are generally lower. The dollar approached the 160 yen mark, a level that prompted Tokyo to intervene in late April to stabilize its currency.