NEW YORK, Jan. 29 (Xinhua) -- U.S. stocks closed lower on Monday after hitting record highs in the previous session.

The Dow Jones Industrial Average lost 65.19 points, or 0.24 percent, to 26,551.52. The S&P 500 decreased 19.34 points, or 0.67 percent, to 2,853.53. The Nasdaq Composite Index was down 39.27 points, or 0.52 percent, to 7,466.50.

The benchmark 10-year yield broke above 2.7 percent on Monday, reaching its highest level since April 2014. Investors were concerned that higher interest rates would impact the bull stock market.

On the economic front, personal income increased 58.7 billion U.S. dollars, or 0.4 percent, in December, according to estimates released by the Commerce Department on Monday.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month after an upwardly revised 0.8 percent increase in November.

Meanwhile, the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.1 percent in December. Excluding food and energy, the index rose 0.2 percent.

Investors continue to pay attention to corporate earnings reports. Boeing, McDonald's, Apple, Chevron, and Facebook are among the companies that will report earnings later this week.