U.S. markets dropped Thursday morning, as the rally supported by the end of the fiscal cliff fears appears to have run its course.
In midmorning trading, after two sessions of sharp gains, the Dow Jones industrial average slipped 0.25 percent, giving up 33.83 points to 13,378.72. The Nasdaq shed 2.55 points or 0.08 percent to 3,109.71. The Standard and Poor's 500 lost 2.08 points, 0.14 percent, to 1,460.34.
The 10-year treasury note was off 4/32 to yield 1.854 percent.
The euro fell to $1.3103 from Wednesday's $1.3185. The dollar fell to 86.96 yen from 87.34 yen.
Markets in Japan were closed.
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