NEW YORK (AP) — U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street.

The S&P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%.

Stocks had been up earlier in the day, rising as oil prices eased. But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations.

Financial markets are in an awkward phase where such strength raises traders' hopes for growing profits at companies but also hurts expectations for easier interest rates. High rates put downward pressure on stock prices.