Stocks end mostly lower, despite gains in banks, oil

NEW YORK (AP) - Stocks moved mostly lower Wednesday as gains in blue-chip energy companies and banks were not enough to make up for losses in the broader market.

The bond market took heavy losses, with the 10-year U.S. Treasury note rising to its highest level in a year and a half. The higher yields sent bond substitutes like utilities, telecommunications and real estate stocks sharply lower.

Oil stocks climbed after OPEC nations, which collectively produce more than one-third of the world's oil, agreed to trim production for the first time in eight years.

The Standard & Poor's 500 index lost 5.85 points, or 0.3 percent, to 2,198.81 and the Nasdaq composite dropped 56.24 points, or 1.1 points, to 5,323.68.

The 30-member Dow Jones industrial average closed up 1.98 points, or 0.01 percent, to 19,123.58. The gain was attributable to big increases in a handful of Dow components, mainly Goldman Sachs, Chevron and DuPont.

The bond and energy markets saw the most drama Wednesday. Bond prices fell sharply yet again and the 10-year note's yield rose to 2.38 percent from 2.29 percent on Tuesday, a major move for that market. That yield is now trading at its highest level since July 2015.