Stocks are closing lower on Wall Street on Thursday as investors gave mixed reviews to earnings from four of the nation's largest banks.

The S&P 500 fell 1.2% and ended a shortened trading week with a decline of more than 2%. The yield on the 10-year Treasury rose to 2.83% as inflation worries continue to overhang the markets. Investors again turned their attention to the drama surrounding Tesla CEO Elon Musk and Twitter.

Musk offered to buy the social media company for $54.20 a share, two weeks after revealing he'd accumulated a 9% stake. The Commerce Department said retail sales rose 0.5% in March.

Musk criticized Twitter for not living up to free speech principles and said, in a regulatory filing, that it needs to be transformed as a private company. Twitter’s stock was up 0.2% at $45.92, well below Musk’s offering price.