Markets Right Now: Stocks erase an early gain and head lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks turned lower in midday trading, erasing a modest early rally and extending the market’s losses from a day earlier.
Technology stocks and banks were taking some of the heaviest losses Wednesday, outweighing gains in industrial companies and other sectors.
Apple fell 1.8 percent and Morgan Stanley lost 1.1 percent.
Energy stocks gave up an early gain even as crude oil prices, which have fallen sharply in recent weeks on concerns of rising supplies, headed higher.
The S&P 500 index fell 11 points, or 0.4 percent to 2,711.
The Dow Jones Industrial Average lost 94 points, or 0.4 percent, to 25,185. The Nasdaq composite fell 55 points, or 0.8 percent, to 7,256.
Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.
Stocks are opening broadly higher on Wall Street as the market recoups some of its losses from a day earlier.
Technology companies, retailers and banks accounted for much of the gain Wednesday.
Chipmaker Nvidia climbed 2.7 percent. Charles Schwab rose 1.7 percent.
Macy’s gained 2.2 percent after the department store chain reported strong quarterly results.
The S&P 500 index rose 18 points, or 0.7 percent to 2,740.
The Dow Jones Industrial Average gained 142 points, or 0.6 percent, to 25,429. The Nasdaq composite added 55 points, or 0.8 percent, to 7,256.
Bond prices fell. The yield on the 10-year Treasury note rose to 3.15 percent from 3.14 percent late Tuesday.