Business digest: 4th straight drop for stocks

This photo provided by AT&T shows the Samsung Galaxy Mega. With a screen measuring 6.3 inches (16-centimeter) diagonally, the Galaxy Mega is almost as big as a 7-inch (17.8-centimeter) tablet computer. The difference: It makes phone calls. (AP Photo/AT&T)


U.S. stocks dropped for a fourth day in a row Monday as investors continued to worry about the recent rise in bond yields. Banking stocks also dragged down the broader market. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011. The quick rise in bond yields has worried some investors because it leads to higher interest rates on many kinds of loans, including home mortgages and corporate loans. Monday’s losses come after the Dow posted its worst week of 2013. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. The Dow and the S&P 500 have not had a four-day losing streak since December 2012.

Smartphones are getting bigger as people use them more to watch movies and play games. A new one from Samsung is beyond big. With a screen measuring 6.3 inches diagonally, the Galaxy Mega is almost as big as a 7-inch tablet computer. AT&T Inc. says it will start selling the Mega on Friday for $150 with a two-year service contract. The Mega is also coming to Sprint and U.S. Cellular. Dates and prices weren’t available for those carriers.

Zillow Inc., operator of the largest U.S. real estate website, agreed to acquire StreetEasy for $50 million in cash to expand its coverage of the New York market. StreetEasy has about 1.2 million monthly unique users, primarily residential real-estate shoppers in the New York region, the companies said in a statement Monday. Separately, Zillow also announced a secondary stock offering.

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