The benchmark 10-year Treasury note slumped, driving its yield up to 3.72 percent from 3.55 percent late Tuesday.
At the close, the Dow Jones industrial average is down 173 to 8,300 after jumping 196 points on Tuesday following an upbeat report on consumer confidence. The S&P 500 index is down 17 to 893, and the Nasdaq composite index is down 19 at 1,731.
Two stocks fell for every one that rose on New York Stock Exchange. Volume was 1.3 billion shares.