U.S. Stocks Drop as Bond Yields Rise; Citigroup, Wal-Mart Shares Decline

(Bloomberg) -- The U.S. stock market plunged the
most in three months after a jump in bond yields fueled
speculation the Federal Reserve will raise interest rates.

Financial firms led by Citigroup Inc., Goldman Sachs Group
Inc. and Merrill Lynch & Co. led a third day of declines. All 16
homebuilders in Standard & Poor's indexes dropped on concern
that demand for mortgages will diminish. Wal-Mart Stores Inc.,
Macy's Inc. and J.C. Penney Co. retreated after May sales
trailed estimates.


Read more at Bloomberg Stocks News