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US stocks edge lower amid bond market volatility

George Baskinger, center, works with fellow traders on the floor of the New York Stock Exchange, Tuesday, May 12, 2015. U.S. stocks are opening lower following declines in European markets. (AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stocks are closing slightly lower after recouping much of an early slump.

Investors are beginning to worry about a global sell-off in government bonds that has been driving long-term borrowing costs higher. The benchmark U.S. bond yield touched its highest level since November.

The Dow Jones industrial average lost 36 points, or 0.2 percent, to 18,068 Tuesday.

The Standard & Poor’s 500 index gave up six points, or 0.3 percent, to 2,099. The Nasdaq composite declined 17 points, or 0.4 percent, to 4,976.

AOL soared 19 percent after Verizon said it would buy the company. Gap sank 4 percent after saying the strong dollar was hurting its revenue.

European government bond prices fell, pushing yields higher.

Oil rose $1.50 to $60.75 a barrel in New York.

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