Markets Right Now: Stocks end broadly lower, led by banks
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are closing modestly lower on Wall Street, but the S&P 500 was still on track for a weekly gain after closing at record highs twice this week.
Banks fell more than the rest of the market Thursday as bond yields plunged, making it harder for banks to make money from mortgages and other loans. Citigroup lost 1.5%.
The yield on the 10-year Treasury fell to 1.68% from 1.79% a day earlier, a big move.
The S&P 500 fell 9 points, or 0.3%, to 3,037.
The Dow Jones Industrial Average fell 140 points, or 0.5%, to 27,046. The Nasdaq fell 11 points, or 0.1%, to 8,292.
Stocks are moving lower on Wall Street as investors shifted to a more cautious stance following another record high for the S&P 500 a day earlier.
Banks led the decline Thursday as bond yields fell sharply. Bank of America gave up 1.7%.
Bond yields were falling following a surprisingly weak report on business activity in the Midwest.
Technology stocks fell, despite solid gains from Apple following its encouraging earnings report.
Facebook also rose after releasing surprisingly good third-quarter results.
The S&P 500 fell 18 points, or 0.6%, to 3,028.
The Dow Jones Industrial Average fell 208 points, or 0.8%, to 26,989. The Nasdaq fell 33 points, or 0.4%, to 8,270.
Bond prices rose. The yield on the 10-year Treasury fell to 1.71% from 1.79% a day earlier.
Stocks are opening mostly lower on Wall Street as banks and industrial companies decline, pulling the S&P 500 slightly below the record high it set a day earlier.
Technology and communications companies were bucking the trend and moving higher in early trading on Thursday.
Facebook jumped 4.6% after reporting a surge in earnings and steady growth in its user base.
Apple rose 1.6% after its earnings beat analysts’ estimates, despite reporting a drop in revenue from iPhone sales.
The S&P 500 fell 2 points, or 0.1%, to 3,044.
The Dow Jones Industrial Average fell 40 points, or 0.1%, to 27,145. The Nasdaq rose 13 points, or 0.2%, to 8,319.
Bond prices rose. The yield on the 10-year Treasury fell to 1.74%.