Markets Right Now: Stocks end mixed after early rally fades

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Core April retail sales - which excludes gasoline, automobiles, building materials and food services - rose at a brisker 0.4 percent monthly pace over March, as consumer spending is quickening its pace after a first-quarter slowdown.

US stocks dropped sharply on Tuesday after Home Depot reported quarterly sales that fell short of Wall Street's expectations and interest rates breached new highs.

The blue-chip index declined 193.00 points, or 0.8%, to close at 24,706.41. The Nasdaq composite dropped 0.8 percent to 7,351.63 and the Russell 2000 index of smaller-company stocks finished flat at 1,600.34.

The yield on the 10-year Treasury note spiked to a almost seven-year high Tuesday, causing selling in stocks and in particular the ones most sensitive to interest rates.

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The S&P 500 declined 0.7 percent to 2,711.45 as health care and real estate stocks lagged. That paves the way for higher borrowing costs on mortgages and other loans. "A creeping up of these things continues to keep the market nervous". The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%.

The yield on the 10-year Treasury rose to 2.99 percent. The agency also revised March sales higher to 0.8 percent from 0.6 percent.

Global shares were mixed Tuesday amid continuing uncertainty over trade tensions between China and the U.S. Investors were watching for U.S. retail sales data, due later in the day, for further clues on the health of the world's biggest economy.

In economic data, USA retail sales climbed in April for a second consecutive month, underscoring a healthy domestic economy. Bond yields tend to rise when investors expect faster economic growth and higher inflation. The VIX Volatility Index was higher at 14.57 with a gain of 1.64 points or 12.68%.

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Declining issues outnumbered advancing ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored decliners.

The yield on the benchmark 10-year Treasury note rose to 3.05 percent, its highest level since July 2011.

Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY.

CURRENCY: The dollar fell to 110.27 yen from 110.36 yen late Tuesday.

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