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.

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.

U.S. stocks closed sharply lower on Wednesday as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill.