On Thursday, U.S. stock indexes closed in negative territory, breaking the remarkable 13-day winning streak of the Dow Jones Industrial Average, which had been the longest such streak since 1987.

Earlier in the day, stocks had surged following positive gross domestic product (GDP) figures indicating a strengthening U.S. economy in the second quarter.

The previous day, the Dow had risen by 0.2%, marking its 13th consecutive session of gains.

Initially, U.S. stocks received a boost from strong earnings reports and favorable economic data in the morning, Market Watch has reported.

However, as the day progressed, the three major stock indexes experienced a reversal of fortunes and ended lower during afternoon trading.

This decline was influenced by rising bond yields and a news report suggesting that the Bank of Japan (BOJ) would discuss adjusting its yield-curve control policy at an upcoming policy board meeting scheduled for Friday.

According to the report, the BOJ might potentially allow long-term interest rates to surpass its current cap of 0.5% by a certain extent.

Written by staff