U.S. stocks closed a choppy session little changed on Thursday, erasing initial declines as Treasury yields eased off recent highs after the House of Representatives passed U.S. President Donald Trump's tax and spending bill.

U.S. stocks slipped as Treasury yields rose, impacting Wall Street indexes amid tax-cut bill discussions and federal debt concerns.

Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns.