Markets Right Now: Stocks turn lower on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are turning slightly lower on Wall Street, giving up an early gain, as health care companies and banks fall.
Drug and infant formula maker Abbott Laboratories is leading health care stocks lower Wednesday after its sales fell short of Wall Street estimates.
Energy companies are down as the price of crude oil falls for the third time in four days after a strong start to 2019.
The Dow Jones Industrial Average had jumped 296 points earlier as investors cheered strong earnings from IBM, Proctor & Gamble and United Technologies.
The S&P 500 fell 14 points, or 0.6 percent, to 2,618.
The Dow fell 42 points, or 0.2 percent, to 24,357. The Nasdaq lost 49 points, or 0.7 percent, to 6,972.
Stocks are rising at the opening bell following solid results from a string of companies including IBM and Procter & Gamble.
Technology and consulting company IBM rose 7.2 percent Wednesday after it topped Wall Street’s expectations in the fourth quarter. Consumer products maker Proctor & Gamble jumped 6.4 percent.
Elevator and jet engine maker United Technologies climbed 6.1 percent.
The S&P 500 index added 15 points, or 0.6 percent, to 2,648 after it fell 1.4 percent Tuesday.
The Dow Jones Industrial Average jumped 251 points, or 1 percent, to 24,655. The Nasdaq composite gained 44 points, or 0.6 percent, to 7,064.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.77 percent.