Markets Right Now: Stocks slide to a broadly lower close

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

4:00 p.m.

U.S. stocks closed broadly lower on Wall Street, more than wiping out the gains from a day earlier.

Banks and basic materials companies led the way lower on Wednesday. Citigroup slumped 1.7 per cent and fertilizer maker Mosaic slumped 3.3 per cent.

Trading was light ahead of the New Year’s Day holiday.

The Dow Jones industrial average fell 111 points, or 0.6 per cent, to 19,833.

The Standard & Poor’s 500 index gave up 18 points, or 0.8 per cent, to 2,249. The Nasdaq composite gave up 48 points, or 0.9 per cent, to 5,438.

The losses were broad and accelerated as the day wore on. Two stocks fell for every one that rose on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.51 per cent.

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11:45 a.m.

Real estate investment trusts led a modest slide for U.S. stocks in midday trading.

The broad decline wiped out most of the gains from the day before, when the Nasdaq composite index closed at a record high.

Trading was quiet in a light week of economic and company news before the New Year’s Day holiday weekend.

Qualcomm slipped 1 per cent after antitrust regulators in South Korea fined the company $865 million, claiming the chipmaker engaged in unfair sales practices.

The Dow Jones industrial average slipped 16 points, or 0.1 per cent, to 19,928.

The Standard & Poor’s 500 index fell 7 points, or 0.4 per cent, to 2,260. The Nasdaq composite gave up 25 points, or 0.5 per cent, to 5,462.

The yield on the 10-year Treasury note slipped to 2.55 per cent.

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9:35 a.m.

Stocks are edging higher in early trading on Wall Street, led by gains in materials makers and retailers.

Amazon gained 1 per cent shortly after the opening bell Wednesday, and Apple rose 0.6 per cent, the biggest gain in the Dow Jones industrial average.

The Dow edged within 30 points of the 20,000 mark, which it has yet to cross.

The Dow was up 28 points, or 0.1 per cent, to 19,972.

The Standard & Poor’s 500 index was up 1 point at 2,270. The Nasdaq composite climbed 5 points, or 0.1 per cent, to 5,493.

The yield on the 10-year Treasury note held steady at 2.56 per cent.