NEW YORK - Wall Street fell sharply for a third straight session Thursday after rising bond yields stoked concerns that an interest rate cut later in the year is less likely. The Dow Jones industrials dropped more than 150 points and the S&P 500 index fell below the 1,500 mark.
The 10-year Treasury note's yield surpassed 5 percent in overnight trading. With rates rising in the market, the Federal Reserve is expected to be less inclined to cut short-term interest rates. And a dip in applications for unemployment benefits last week, which indicates a healthy labor market, also made a rate cut seem less likely.
Additionally, mixed May sales reports from major retailers …
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