Wall Street closes mixed as bond yields hit 24-year high; Nasdaq edges up

Wall Street closed mixed Wednesday (local time).

The Dow Jones Industrial Average fell 443.87 points, or 0.86 percent, to close at 50,906.05 on the New York Stock Exchange. The S&P 500 dropped 19.30 points, or 0.25 percent, to finish at 7,651.54.

While the Dow and S&P 500 struggled, the tech-heavy Nasdaq Composite bucked the trend, gaining 63.52 points, or 0.24 percent, to close at 26,861.06.

Stocks rallied early after US inflation data for August came in softer than expected. Gains faded by the close, however, as strong economic indicators and government bond yields hitting a 24-year high weighed on sentiment and triggered a late wave of selling.