Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. (AP Photo/Ahn Young-joon)BANGKOK – Asian shares fell Thursday, tracking a decline on Wall Street as another rise in bond yields rattled investors who worry that higher inflation may prompt central banks to raise ultra-low interest rates. Shares have yoyo'd recently with fluctuations in bond yields. When yields rise quickly, as they have in recent weeks, it forces Wall Street to rethink the value of stocks. U.S. government bond yields rose Wednesday after easing a day earlier.

FILE - In this Dec. 30, 2020, file photo, an employee tolls the closing bell during a ceremony of the last trading day at the Tokyo Stock Exchange in Tokyo. Major Asian bourses were closed for the New Year's holidays Thursday, Dec. 31, while the handful that remained open was mixed. (JPX via AP)Major Asian bourses were closed for the New Year's holidays Thursday while the handful that remained open was mixed. Trading was closed in Tokyo and South Korea. The Tokyo exchange marked the end of trading for the year Wednesday, with the Nikkei falling 0.5%, and trading will not reopen until Monday next week.

Asian stock markets are mixed after Wall Street rose amid Chinese trade tension with Washington and Australia. Oil prices closed higher, extending a string of gains. Oil prices closed higher for the sixth day day in a row. European stock indexes closed broadly lower after shedding some gains. Asian stock markets finished lower.

After skidding sharply through the day as fear pounded markets, steep drops for stocks and bond yields suddenly eased up in the last hour. Earlier in the day, the S&P 500 had been down 4%. Friday's drop for the S&P 500 was the latest swing in a remarkably turbulent week. It was only two weeks ago that the S&P 500 set a record high, on Feb. 19. MARKET ROUNDUP:The S&P 500 fell 51.57, or 1.7%, to 2,972.37.

Spencer Platt/Getty Images(CNN) - The S&P 500 could set a new closing record on Monday, after falling just short of it late last week. Stocks climbed in response, and the S&P on Friday finished only three points below the all-time closing high it set on July 26. But with stock futures pointing at a higher open in New York, the wait for a new record could be over on Monday. S&P 500 stocks have risen 0.54% on average on Oct. 28 between 1950 and 2018. Still, the index was some 1.5% below its July record high at Friday's close.