Markets Right Now: Stocks open broadly lower on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
U.S. stocks are opening mostly lower as interest rates rise and industrial companies drop following some disappointing third-quarter reports.
Aircraft maker Textron dropped 10 percent Thursday after its profit and sales both fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.5 percent after it reported weak revenue.
Aluminum producer Alcoa climbed 8.1 percent after a solid quarter. It also said it will buy back $200 million in stock.
The S&P 500 index fell 16 points, or 0.6 percent, to 2,792.
The Dow Jones Industrial Average lost 160 points, or 0.6 percent, to 25,543. The Nasdaq composite gave up 48 points, or 0.6 percent, to 7,594.
Bond prices sank. The yield on the 10-year Treasury note rose to 3.21 percent.