NEW YORK — U.S. stocks pulled back from their record on Wednesday.

The S&P 500 slipped 0.2 per cent, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average dropped 341 points, or 0.7 per cent, while the Nasdaq composite fell 0.2 per cent from its own record.

Stocks felt pressure as yields swung in the bond market. The yield on the 10-year Treasury climbed as high as 5.36 per cent in the morning, up from 5.27 per cent late Tuesday and near its highest level since 2002.

Higher yields put downward pressure on prices for stocks and other investments. They can also…