Stocks Wrap Up Big Quarter

"If there was a honeymoon time for the bond market and Ben Bernanke, it's over now," said Ken Tower, chief market strategist with CyberTrader. "We're extremely close to four-year highs on Treasury yields. The prices are tumbling. Stock market investors are so far willing to ignore these rising rates for the short term, but the question is how much longer will investors manage to keep ignoring rates."

Also on the economic front, February factory orders rose by 0.2%, far below expectations of a 1.4% rise. The March Chicago purchasing managers' index increased to 60.4, up from 57.0. In addition, the University of Michigan's revised consumer sentiment reading for March came in at 88.9, firming from the preliminary reading of 86.7.

Oil eased but remained ensconced above $66 a barrel, reflecting concerns that the stalemate around Iran's nuclear ambitions will end up stretching worldwide energy supplies. In Nymex floor trading, May crude finished down 52 cents to $66.63 a barrel.

Leading the corporate news was word that auto-parts supplier Delphi(DPHIQ Quote) will seek the rejection of its labor contract and will impose big wage and benefit cuts through a bankruptcy court judge. The move could result in a strike. The company will also reduce its salaried workforce by 25%, or 8,500 jobs. Delphi rose 8 cents, or 15.5%, to close at 63 cents.

General Motors(GM Quote), Delphi's biggest customer and former parent, said it disagrees with Delphi's approach but will remained committed to the company. Some estimates say a strike could cost the automaker more than $100 million a day and worsen an already precarious financial situation. Still, GM added 21 cents, or 1%, to $21.27.

Freddie Mac(FRE Quote) estimated its full-year 2005 net income at $2.5 billion, down more than 10% from a year ago. Freddie Mac gave the estimate as it prepares its formal financial statements for filing with the SEC. The stock fell $1.45, or 2.3%, to $61.