News

Markets Right Now: U.S. stocks close broadly lower

NEW YORK, N.Y. – The Latest on financial markets (all times local):

4:00 p.m.

Stocks closed broadly lower on Wall Street as the market pulled back after a three-day rally.

Traditional safe-play stocks such as phone companies and utilities had the biggest declines Thursday. Those sectors have had some of the biggest gains since the beginning of the year.

In company news, United Continental slumped 10 per cent after the airline announced a steep drop in earnings.

Viacom soared 14 per cent after reaching a new agreement with Dish Network to carry its cable networks.

The Dow Jones industrial average fell 113 points, or 0.6 per cent, to 17,982.

The Standard & Poor’s 500 index gave up 10 points, or 0.5 per cent, to 2,091. The Nasdaq composite edged down two points to 4,945.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.87 per cent.

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11:45 a.m.

Stocks are mostly lower in midday trading on Wall Street as investors pore over first-quarter corporate earnings reports.

United Continental slumped 12 per cent Thursday after the airline announced a steep drop in quarterly earnings.

American Express rose 2 per cent after reporting increases in spending by its cardholders and more people signing up for accounts.

The Dow Jones industrial average slipped 40 points, or 0.2 per cent, to 18,055.

The Standard & Poor’s 500 index edged down four points, or 0.2 per cent, to 2,098. The Nasdaq composite was little changed at 4,951.

The market is coming off a three-day winning streak.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.87 per cent.

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9:35 a.m. Eastern

Major U.S. stock indexes are wavering between small gains and losses in early trading as investors pore over a large number of corporate earnings reports.

Toy maker Mattel sank 6 per cent after reporting a bigger-than-expected loss and disappointing sales of Barbie dolls.

American Express rose 2 per cent after reporting increases in spending by its cardholders and more people signing up for accounts.

The price of crude oil fell 2 per cent to $43 a barrel in New York.

The Dow Jones industrial average slipped 22 points, or 0.1 per cent, to 18,073.

The Standard & Poor’s 500 index edged down two points, or 0.1 per cent, to 2,099. The Nasdaq composite climbed was little changed at 4,946.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.88 per cent.

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11:40 a.m.

European stock markets are giving up some of this week’s gains ahead of the outcome of the latest policy meeting of the European Central Bank.

Though the bank is not expected to announce any further stimulus measures, traders will be closely monitoring the comments of ECB President Mario Draghi at his subsequent news conference.

Joshua Mahony, market analyst at IG, says “an element of hesitancy is evident within Europe ahead of a clear event risk with the ECB.”

Many of Draghi’s news conferences have prompted some big reactions in markets, most clearly with regard to the euro. Traders are wondering whether Draghi will try to talk the euro down, possibly by hinting at possible further measures to boost the eurozone economy.

Given that uncertainty, stocks are faltering, with Germany’s DAX down 0.4 per cent at 10,376 and France’s CAC-40 0.6 per cent lower at 4,564. The euro meanwhile was flat at $1.13.

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7:30 a.m.

Asian stocks rallied Thursday, lifted by a rise in U.S. stocks following an uptick in oil prices. A weakening of the Japanese yen pushed Tokyo’s benchmark higher.

Japan’s benchmark Nikkei 225 surged 2.4 per cent to 17,309.44, as exporters’ shares gained, since a weaker yen usually tends to boost their profits. Hong Kong’s Hang Seng climbed 1.6 per cent to 21,575.17. The Shanghai Composite index shed early gains ad was down 0.1 per cent to 2,969.14. Australia’s S&P/ASX 200 rose 0.8 per cent to 5,256.90. South Korea’s KOSPI was up 0.6 per cent to 2,018.97. Southeast Asian markets were higher.