NEW YORK, July 29 (UPI) -- U.S. markets headed lower Wednesday after Microsoft Corp. and Yahoo! Inc. announced a 10-year deal that plays to their strengths in Internet advertising.
Microsoft agreed to provide its search engine Bing, while Yahoo! agreed to manage advertising sales in a move that binds the second and third largest U.S. Internet search firms in a face-off against industry leader Google, The New York Times reported.
In midmorning trading, the Dow Jones industrial average lost 25.85 points, 0.28 percent, to 9,070.87. The S&P 500 fell 0.47 percent, 4.62 points, to 975.00. The Nasdaq composite index lost 10.48 points, 0.53 percent, to 1,965.03.
The benchmark 10-year Treasury rose 11/32 to yield 3.643 percent.
The euro fell to $1.4088, compared to Tuesday's $1.4172. Against the yen, the dollar rose to 94.89 yen, compared with Tuesday's 94.57 yen.
In Tokyo, the Nikkei 225 added 25.98 points, 0.26 percent, to 10,113.24.
