Today, industrials editor and analyst Brendan Byrnes discusses what's behind the Dow's 1%+ drop through midday. To no one's surprise, Europe -- and Spain in particular -- is the main reason for the market's sell-off today. Spain's benchmark 10-year bond yields rose to over 7.5% today, a level that's unsustainable and around the same rate that forced Greece, Ireland, and Portugal into bailouts. Disappointing earnings from McDonald's also helped sink the Dow today, with the fast-food giant posting net income that fell 4% from last year. The strong dollar and exposure to Europe hurt the company. Check out the video below for more on what's driving the Dow's loss today, and the biggest losers so far.
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Brendan Byrnes owns no shares of any company mentioned above. The Motley Fool owns shares of Microsoft and McDonald's. Motley Fool newsletter services have recommended buying shares of Microsoft and McDonald's. Motley Fool newsletter services have also recommended creating a bull call spread position in Microsoft. The Motley Fool has a disclosure policy.
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