Markets Right Now: US stocks veer lower at midday
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are veering lower in midday trading on Wall Street, led by drops in technology companies and banks.
Energy companies were also lower Wednesday as the price of crude oil continued to decline.
Investors shifted money into safer holdings after more than a week of aggressive buying.
Consumer staples and utilities were among the biggest gainers. Johnson & Johnson led health care stocks higher.
Benchmark U.S. crude sank 2% early to just under $52 a barrel.
The S&P 500 index fell 10 points, or 0.3%, to 2,875.
The Dow Jones Industrial Average fell 81 points, or 0.3%, to 25,968. The Nasdaq fell 43 points, or 0.5%, to 7,779.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.18%.
Major U.S. indexes are mixed in early trading as gains for health care stocks are offset by weakness in energy companies.
Johnson & Johnson rose 1.5% early Wednesday.
The energy sector was broadly lower. Concho Resources gave up 2.1%
Benchmark U.S. crude sank 2% early Wednesday to just over $52 a barrel. It was trading at $59 a barrel two weeks ago. Traders think demand for oil may wane at the same time supplies are high.
Technology stocks also fell. Network equipment maker Cisco lost 1.1%
The S&P 500 index was little changed at 2,888.
The Dow Jones Industrial Average edged up 31 points, or 0.1%, to 26,075. The Nasdaq fell 4 points, or 0.1%, to 7,818.