Markets Right Now: Rising interest rates push stocks lower

Markets Right Now: Rising interest rates push stocks lower
FILE- In this Tuesday, Oct. 2, 2018, file photo trader Michael Milano, left, and specialist Jay Woods work on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Oct. 3. (AP Photo/Richard Drew, File)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

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.