Spike in bond yields upends US stock rally

NEW YORK — U.S. stocks closed broadly lower Wednesday, erasing an early gain, as investors reacted to a late-afternoon surge in bond yields. Bond yields climbed to their highest level in four years after the Federal Reserve released minutes from its latest policy meeting. The minutes showed bullish sentiment among policymakers, confirming their intention to raise interest rates this year. The yield on the 10-year Treasury note rose sharply after the minutes came out, touching 2.95 percent.