Markets Right Now: Banks lead a decline in US stocks

NEW YORK – The latest on developments in financial markets (All times local):

4:00 p.m.

Bank stocks led a decline on Wall Street, wiping out much of the market’s gains from a day earlier.

Banks were hurt by a drop in bond yields Thursday, which will lower interest rates on loans and squeeze banks’ profits. Zions Bancorporation lost 2.2 per cent.

Energy and technology stocks also lost ground. Hess slumped 5 per cent and chipmaker Micron Technology fell 2.1 per cent.

The Dow Jones industrial average fell 63 points, or 0.3 per cent, to 19,891. The Standard & Poor’s 500 index gave back 4 points, or 0.2 per cent, to 2,270.

The Nasdaq composite dropped slipped 16 points, or 0.3 per cent, to 5,547, breaking a seven-day winning streak.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.35 per cent.

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11:45 a.m.

U.S. stocks moved broadly lower in midday trading, giving back the market’s gains from the day before.

Bank stocks fell more than the rest of the market Thursday. A drop in bond yields meant banks would have a harder time making money from mortgages and other loans as interest rates fall.

Industrial and technology stocks were also falling. Chipmaker Micron Technology fell 4 per cent.

The Dow Jones industrial average fell 159 points, or 0.8 per cent, to 19,794. The Standard & Poor’s 500 index gave back 16 points, or 0.7 per cent, to 2,258. The Nasdaq composite dropped 50 points, or 0.9 per cent, to 5,513.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.32 per cent from 2.37 per cent a day earlier.

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9:35 a.m.

Banks and technology companies are leadings stock lower in early trading on Wall Street.

Health care stocks also fell. Pfizer fell 1.4 per cent shortly after the opening bell Thursday, the biggest decline in the Dow Jones industrial average.

Drugmakers continued to take losses a day after President-elect Donald Trump criticized their pricing policies.

The Dow fell 93 points, or 0.5 per cent, to 19,859. The S&P 500 gave back 10 points, or 0.4 per cent, to 2,265. The Nasdaq composite declined 33 points, or 0.6 per cent, to 5,530.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.33 per cent.