The Dow Jones Industrial Average was down by triple digits Thursday, and the other two major U.S. stock benchmarks fell as the 10-year Treasury note hit a 7-year high.
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This comes after the Dow climbed to a fresh record and a fifth-straight session of gains on Wednesday.
The Dow dropped 200.91 points, or 0.75 percent, to 26,627.48. The broader S&P 500 was down 23.9 points, or 0.81 percent, at 2,902.34. The Nasdaq Composite fell 145.57 points, or 1.81 percent, to 7,879.51.
|I:DJI||DOW JONES AVERAGES||26369.35||-227.70||-0.86%|
|I:COMP||NASDAQ COMPOSITE INDEX||8103.479793||+1.47||+0.02%|
The lone bright spot among the selling is financial stocks, particularly regional and money center banks which benefit from higher yields.
|JPM||JP MORGAN CHASE & CO.||112.90||-0.65||-0.57%|
|BAC||BANK OF AMERICA CORP.||29.95||-0.07||-0.25%|
|WFC||WELLS FARGO & COMPANY||47.27||-0.20||-0.43%|
Also weighing on stocks, some analysts remain worried about political tensions in Europe and stagnant growth outside the U.S., leading investors to favor assets considered safer, such as the dollar.
In economic data released Thursday, a reading on weekly jobless claims came in better than expected with 207,000 Americans filing for benefits versus analysts' expectations for 230,000.
In commodities, U.S. crude oil futures were lower after hitting another multi-year high Wednesday.
On Wednesday, stocks powered higher, supported by a strong private hiring report and easing Italian debt fears.
FOX Business’ Ken Martin contributed to this article.