Today, industrials editor and analyst Brendan Byrnes discusses the Dow Jones Industrials' drop today. Not surprisingly, a plethora of bad news from Europe was a main factor in markets' decline, with disappointing earnings playing a role as well. Spanish five and 10-year bond yields hit a eurozone record high, while data showed that euro-area manufacturing activity shrank in July and Moody's cut Germany's outlook. It didn't help that bellwether UPS reported disappointing earnings, coming in below expectations and lowering its full-year earnings guidance. The shipping and logistics giant also predicted U.S. GDP growth for the rest of 2012 to be 1%, less than the around 2% that most economists predict. Check out the following video for more on what drove the Dow today, and why blue-chips Cisco and AT&T were the two biggest losers.
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Brendan Byrnes owns no shares of any company mentioned above. The Motley Fool owns shares of Cisco Systems. Motley Fool newsletter services have recommended buying shares of Moody's. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.