US stocks dropped on Thursday, and the Dow Jones Industrial Average closed in the red to snap its historic 13-day winning streak.
The 30-company index slid more than 200 points, reversing course from earlier gains in the day that would have matched the. Blue chips were weighed down by Honeywell, which sank after reporting mixed earnings. Among other Dow components, JPMorgan fell after regulators unveiled steeper bank capital rules, and Microsoft slipped after the EU opened an antitrust probe.
Treasury yields shot up after second-quarter GDP growth of 2.4% beat expectations. The 10-year yield popped back above 4% as Wall Street sees the Federal Reserve keeping rates high. While Wednesday's rate hike is seen as the last of the tightening cycle, the unexpectedly strong economic growth could delay when rates start coming down.
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