NEW YORK, N.Y. – U.S. stocks gave up an early gain and turned lower in midday trading as investors assessed the latest company earnings and outlook for the economy.
Phone and internet companies had some of the biggest losses. Windstream Holdings fell 3 per cent after reporting that its earnings plunged in the second quarter.
21st Century Fox rose 6 per cent after reporting higher earnings than investors were expecting.
The Standard & Poor’s 500 index fell five points, or 0.3 per cent, to 1,913 as of midday Thursday. The Dow Jones industrial average fell 54 points, or 0.3 per cent, to 16,388. The Nasdaq composite fell seven points, or 0.2 per cent, to 4,347.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.43 per cent, the lowest level of the year.