Markets Right Now: Early gains fade, leaving stocks lower
NEW YORK (AP) - The latest on developments in global financial markets (all times local):
4:00 p.m.
Stocks closed slightly lower on Wall Street after an early gain faded.
Energy companies fell along with the price of oil Wednesday and technology companies slumped following weak reports from Adobe and HP. Adobe gave up 6 percent and HP lost 5 percent.
FedEx fell 5 percent after giving a cautious outlook for the next 12 months.
The Dow Jones industrial average fell 48 points, or 0.3 percent, to 17,780. The Standard & Poor's 500 index lost 3 points, or 0.2 percent, to 2,085. The Nasdaq composite climbed 10 points, or 0.2 percent, to 4,833.
The pound rose as traders anticipated that Britons will vote to remain in the European Union.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.68 percent.
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11:45 a.m.
Stocks are edging higher in midday trading, led by gains in drugmakers, telecom companies and banks.
Regeneron Pharmaceuticals jumped 4 percent Wednesday and Celgene rose 3 percent. AT&T rose 1 percent.
FedEx fell 4 percent after the company gave a cautious outlook for the next 12 months.
The Dow Jones industrial average rose 24 points, or 0.1 percent, to 17,854. The Standard & Poor's 500 index added 6 points, or 0.3 percent, to 2,095. The Nasdaq composite climbed 22 points, or 0.5 percent, to 4,865.
The British pound rose as traders anticipated that Britons will vote to remain in the European Union, avoiding a potential blow to Britain's economy.
Bond prices held steady. The yield on the 10-year Treasury note was little changed at 1.70 percent.
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9:35 a.m.
Stocks are edging broadly higher in early trading, led by gains in telecom companies, banks and technology.
Apple rose about 1 percent in the first few minutes of trading Wednesday, the biggest gain in the Dow Jones industrial average.
FedEx fell 4 percent after giving a forecast late Tuesday that disappointed investors.
The Dow rose 47 points, or 0.3 percent, to 17,878. The Standard & Poor's 500 index added 4 points, or 0.2 percent, to 2,093. The Nasdaq composite climbed 6 points, or 0.1 percent, to 4,849.
Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.70 percent.