Stocks posted modest losses on Thursday as investors had little reason to buy stocks with discouraging economic data and a steady rise in bond yields, which has start to raise concerns about inflation.

The S&P 500 index dropped 17.36 points, or 0.4%, to 3,913.97. It was the third straight decline for the index. The Dow Jones Industrial Average lost 119.68 points, or 0.4%, closing at 31,493.34 and the technology-heavy Nasdaq Composite fell 100.14 points, or 0.7%, to 13,865.36. The Russell 2000 of small companies fell 1.7%, a significant drop for that index.

Energy prices declined for a second d...