US stocks fall; investors eye Elon Musk’s offer for Twitter

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks are closing lower on Wall Street Thursday as investors gave mixed reviews to earnings from four of the nation’s largest banks. The S&P 500 fell 1.2% and ended a shortened trading week with a decline of more than 2%. The yield on the 10-year Treasury rose to 2.83% as inflation worries continue to overhang the markets. Investors again turned their attention to the drama surrounding Tesla CEO Elon Musk and Twitter. Musk offered to buy the social media company for $54.20 a share, two weeks after revealing he’d accumulated a 9% stake. The Commerce Department said retail sales rose 0.5% in March.