Markets Right Now: Stocks pull back from records
NEW YORK (AP) - The latest on developments in global financial markets (all times local):
4:00 p.m.
Stocks ended lower on Wall Street, breaking a nine-day winning streak for the Dow Jones industrial average.
Industrial companies had some of the biggest losses Thursday. Energy stocks fell along with the price of crude oil. Railroad operator Union Pacific gave up 3 percent and Kinder Morgan fell 5 percent.
Southwest Airlines dropped 11 percent and Intel fell 4 percent after both companies reported disappointing results.
The Standard & Poor's 500 index lost 7 points, or 0.4 percent, to 2,165.
The Dow Jones industrial average slipped 77 points, or 0.4 percent, to 18,517. The Nasdaq composite declined 16 points, or 0.3 percent, to 5,073.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.56 percent.
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11:45 a.m.
Stocks pulled back moderately in midday trading on Wall Street as investors hit the pause button following a record-setting streak for major U.S. indexes.
Industrial and materials companies had some of the biggest declines Thursday. Of the 10 sectors in the Standard & Poor's 500 index, only one rose, health care.
Chipmaker Intel sank 4 percent after reporting a sharp drop in earnings late Wednesday.
Southwest Airlines fell 9 percent after reporting revenue and earnings growth that fell short of analysts' expectations.
The Standard & Poor's 500 index lost 5 points, or 0.2 percent, to 2,167.
The Dow Jones industrial average slipped 65 points, or 0.4 percent, to 18,529. The Nasdaq composite declined 9 points, or 0.2 percent, to 5,081.
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9:35 a.m.
Stocks are off to a mixed start on Wall Street as traders absorb the latest corporate deal and earnings news.
Bond yields continued to rise early Thursday, knocking high-dividend stocks such as utilities and phone companies lower. Those sectors have been a favorite of investors this year and have risen far more than the rest of the market.
In earnings news, chipmaker Intel sank 4 percent after reporting a sharp drop in earnings late Wednesday. Joy Global soared 18 percent after agreeing to be acquired by the Japanese construction and mining company Komatsu
The Standard & Poor's 500 index was little changed at 2,173.
The Dow Jones industrial average slipped 25 points, or 0.1 percent, to 18,568. The Nasdaq composite climbed 9 points, or 0.2 percent, to 5,099.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.61 percent.