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Markets Right Now: Energy stocks lead a decline

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

11:45 a.m.

U.S. stock indexes are mostly lower in midday trading after paring much of an early loss.

Energy companies were down Thursday after a meeting of OPEC ministers ended without an agreement on crude production cuts. Utilities also fell.

Retailer Conn’s sank 23 per cent after reporting results that fell short of analysts’ estimates.

The Dow Jones industrial average fell 5 points, or 0.03 per cent, to 17,784. The Standard and Poor’s 500 index lost 2 points, or 0.1 per cent, to 2,097. The Nasdaq composite gave up 1 points to 4,950.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.81 per cent.

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9:35 a.m.

U.S. stock indexes are broadly lower in early trading on Wall Street, led by declines in energy companies as the price of oil sank.

Benchmark U.S. crude dropped 1 per cent to $48 a barrel Thursday following reports that OPEC was unable to agree on production cuts.

Exxon Mobil fell 1.5 per cent, the biggest loss in the Dow Jones industrial average.

Retailer Conn’s sank 23 per cent after reporting results that fell short of analysts’ estimates.

The Dow fell 60 points, or 0.3 per cent, to 17,731. The Standard and Poor’s 500 index lost 6 points, or 0.3 per cent, to 2,092. The Nasdaq composite gave up 13 points, or 0.3 per cent, to 4,938.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.82 per cent.