News

Markets Right Now: Stocks closing lower on Wall Street

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

4:00 p.m.

Stocks are closing lower on Wall Street Wednesday as energy companies fall with the price of oil and banks and health care stocks slide. Phone company stocks are also up.

Earnings reports drove much of the trading. Drugmaker Perrigo sank 10 per cent and solar power company SunPower lost almost 30 per cent.

The price of crude oil fell 2.5 per cent to $41.71 a barrel in New York.

Consumer stocks fared better. Ralph Lauren shares jumped 9 per cent.

The Dow Jones industrial average fell 38 points, or 0.2 per cent, to 18,496. The Standard & Poor’s 500 index fell 6 points, or 0.3 per cent, to 2,175. The Nasdaq composite fell 21 points, or 0.4 per cent, to 5,205.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.51 per cent.

___

12:00 p.m.

Stocks are falling at midday on Wall Street Wednesday, pulled down by a slide in energy companies as oil prices slump.

Banks and health care companies also slid, while consumer-focused companies moved higher on strong quarterly earnings.

Yelp rose nearly 15 per cent, and watchmaker Fossil and clothing brand Ralph Lauren also surged.

Wendy’s fell 2.6 per cent on weak quarterly sales.

The price of crude oil fell 2 per cent to $41.93 a barrel in New York.

The Dow Jones industrial average fell 38 points, or 0.2 per cent, to 18,495. The Standard & Poor’s 500 index shed 7 points, or 0.3 per cent, to 2,175. The Nasdaq composite lost 27 points, or 0.5 per cent, to 5,199.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.52 per cent.

___

9:45 a.m.

Stocks are opening flat to slightly lower on Wall Street Wednesday, while consumer companies and household goods companies advanced.

Ralph Lauren rose 8 per cent on strong quarterly earnings, and Hanesbrands jumped 3 per cent.

Department store chain Kohl’s rose 2 per cent, and retailers Macy’s, Wal-Mart and Gap made strong gains.

Major indexes in Europe and Asia slipped.

The price of crude oil rose 0.4 per cent to $42.92 a barrel in New York.

The Dow Jones industrial average was nearly unchanged at 18,540. The Standard & Poor’s 500 index was also nearly unchanged at 2,181. The Nasdaq composite was down 8 points, or 0.1 per cent, at 5,218.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.53 per cent.