U.S. Stocks Retreat as Treasury Yields Slide and Dollar Strengthens

U.S. stocks retreated on Thursday as Treasury yields slid further, pushing the 30-year bond yield closer to 5.50 percent, a level not seen since 2004.

The S&P 500 closed at 7,704.36, down just 1.67 points or 0.02 percent, while the Dow Jones Industrial Average fell to 51,350.28, losing 161.31 points or 0.31 percent.

Jason Stephens, founder of Evertern Wealth, told CNBC that 'the economy continues to show remarkable resilience, but that strength is keeping inflation concerns alive and pushing interest rates higher.'

The U.S. dollar strengthened further against major currencies on Thursday, with most currency pairs showing the greenback gaining ground as traders positioned for a broadly stronger dollar.