Markets Right Now: Industrials, banks weigh on stock prices - InfoNews

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Markets Right Now: Industrials, banks weigh on stock prices

FILE - In this Oct. 8, 2014, file photo, people walk to work on Wall Street beneath a statue of George Washington, in New York. The U.S. stock market opens at 9:30 a.m. EST on Wednesday, March 14, 2018. (AP Photo/Mark Lennihan, File)
March 14, 2018 - 1:09 PM

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

4 p.m.

Stocks fell on Wall Street as banks and industrial companies posted sizable losses.

Citigroup lost 1.9 per cent Wednesday and aerospace giant Boeing gave up 2.5 per cent.

Banks fell along with bond yields and industrial companies weakened as European leaders warned of the risk of escalating trade tensions.

Department stores and other retailers fell after the Commerce Department said retail sales declined in February. Kroger lost 2.4 per cent.

Signet Jewelers plunged 20 per cent after giving weak a forecast.

The S&P 500 fell 15 points, or 0.6 per cent, to 2,749.

The Dow Jones industrial average lost 248 points, or 1 per cent, to 24,758. The Nasdaq composite fell 14 points, or 0.2 per cent, to 7,496.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.82 per cent.

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11:45 a.m.

Stocks gave up an early gain and were broadly lower at midday as industrial companies and banks post hefty losses.

Boeing, a major exporter that would stand to lose if trade tensions escalate, dropped 4 per cent in midday trading Wednesday.

The leader of the European Union voiced concerns about tariffs the White House recently announced on imported steel and aluminum.

Signet Jewelers plunged 17 per cent after giving weak forecasts for the current year and saying it will cut costs.

The S&P 500 fell 14 points, or 0.5 per cent, to 2,750.

The Dow Jones industrial average gave up 265 points, or 1.1 per cent, to 24,745.

The Nasdaq composite lost 29 points, or 0.4 per cent, to 7,481.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.81 per cent.

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9:35 a.m.

U.S. stocks are rising as the market claws back some of its losses from the day before.

Technology companies bounced back in early trading Wednesday. PayPal gained 1.3 per cent. Also rising were high-dividend stocks like utility companies. NextEra Energy gained 1.5 per cent.

Signet Jewelers tumbled 13.5 per cent after it gave weak forecasts for the current year and said it will cut costs.

The S&P 500 gained 5 points, or 0.2 per cent, to 2,770.

The Dow Jones industrial average rose 70 points, or 0.3 per cent, to 25,077. The Nasdaq composite rebounded 11 points, or 0.2 per cent, to 7,522.

News from © The Associated Press, 2018
The Associated Press

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