Wall Street shrugs off global stock rally as bond yields rise

NEW YORK, June 20 - Wall Street shares pulled back from record highs hit early on Thursday in sympathy with rallying overseas indexes, as Treasury yields shook off soft U.S. data and rose anticipating new supply next week.

"The weaker-than-expected economic data is suggesting that the higher-for-longer interest rates are achieving the Fed's objectives," said Greg Bassuk, chief executive officer at AXS Investments in New York."These signs of a slightly slowing economy are going to be welcomed by the Fed as they consider a move toward interest rate cuts."

The Dow Jones Industrial Average , opens new tab was up 1.02%, to 39,230.41, the S&P 500 , opens new tab fell 0.03% to 5,485.30 and the Nasdaq Composite , opens new tab lost 0.55% to stand at 17,764.01. Emerging market stocks lost 0.06%. MSCI's broadest index of Asia-Pacific shares outside Japan , opens new tab closed 0.13% lower, while Japan's Nikkei , opens new tab rose 0.16%.

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