Markets Right Now: S&P 500 closes out a dismal February - InfoNews

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Markets Right Now: S&P 500 closes out a dismal February

February 28, 2018 - 1:32 PM

NEW YORK - The latest on developments in financial markets (all times local):

4 p.m.

Stocks slumped on Wall Street, breaking the longest streak of positive monthly returns in the history of the Standard & Poor's 500 index.

Indexes started higher on Wednesday but then waffled for much of the day before turning sharply lower in the last hour of trading.

Energy and health care companies fell more than the rest of the market.

Celgene, a drugmaker, sank 9 per cent after the FDA said it's not ready to review the company's multiple sclerosis drug.

The S&P 500 fell 30 points, or 1.1 per cent, to 2,713.

The index lost 3.9 per cent in February. It had been posting monthly gains, including dividends, since October 2016.

The Dow Jones industrial average sank 380 points, or 1.5 per cent, to 25,029. The Nasdaq fell 57 points, or 0.8 per cent, to 7,273.

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11:45 a.m.

Stocks gave up an early gain and moved lower in midday trading on Wall Street.

Health care and energy stocks took some of the biggest losses Wednesday.

Drugmaker Celgene sank 8 per cent after the FDA said it's not ready to review the company's multiple sclerosis drug.

Energy companies turned lower after the price of oil sank. EOG Resources fell 4 per cent.

The benchmark Standard & Poor's 500 was on track to close out the second down month in the last two years, when dividends are included.

The S&P 500 slipped less than a point to 2,743.

The Dow Jones industrial average gave up 44 points, or 0.2 per cent, to 25,366. The Nasdaq edged up 3 to 7,333.

Bond prices rose. The yield on the 10-year Treasury fell to 2.88 per cent.

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9:40 a.m.

Major U.S. stock indexes are rising in early trading led by gains in the technology and retail sectors.

The gains Wednesday came a day after the indexes fell more than 1 per cent on worries about interest rates. Treasury yields are lower early Wednesday.

TJX Cos. jumped 7.4 after boosting its dividend and announcing a stock buyback.

Dick's Sporting Goods rose 1 per cent. The company is ending sales of assault rifles and banning the sale of guns to anyone under 21 years old.

But Lowe's sank 9.2 per cent after its profit fell short of expectations.

The Standard & Poor's 500 index rose 8 points, or 0.3 per cent, to 2,752.

The Dow Jones industrial average climbed 91 points, or 0.3 per cent, to 25,501. The Nasdaq rose 27 points, or 0.3 per cent to 7,357.

News from © The Associated Press, 2018
The Associated Press

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