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Stocks fall; Dow pulls back from a record

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Investors’ passion for high-dividend stocks is fading. The market closed lower, led by the same industry groups that had the biggest gains early in the year: payers of rich dividends. Rising bond yields are a big factor in that shift. The yield on the 10-year Treasury is near a 13-month high, giving seekers of steady income an option to dividend-rich stocks like utilities and makers of consumer staples. Investors piled into such stocks early this year, when bond yields were near historic lows. And after this year’s bull run investors may be running out of reasons to put more money into stocks. The Dow fell 0.7%, erasing Tuesday’s gain, when it again hit a record high.

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