News

Markets Right Now: Stocks move lower on Wall Street

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

11:45 a.m.

Stocks are lower on Wall Street following signs of weakness in the U.S. job market and some weak corporate earnings.

Payroll processor ADP reported Wednesday that businesses added jobs at the weakest pace in three years last month.

Industrial and materials companies fell more than the rest of the market in midday trading. General Electric fell 2 per cent.

In earnings news, Priceline plunged 10 per cent after releasing disappointing forecasts for the current quarter.

The Dow Jones industrial average fell 91 points, or 0.5 per cent, to 17,659.

The Standard & Poor’s 500 index lost 12 points, or 0.6 per cent, to 2,051. The Nasdaq composite fell 33 points, or 0.7 per cent, to 4,729.

Bond prices barely budged. The yield on the 10-year Treasury note was unchanged at 1.80 per cent.

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9:35 a.m.

Stocks are opening lower on Wall Street as investors were discouraged by signs of weakness in the U.S. job market and some weak corporate earnings.

Payroll processing company ADP reported early Wednesday that U.S. businesses added jobs at the weakest pace in three years last month.

Banks and industrial companies fell more than the rest of the market in early trading. Citigroup gave back 2 per cent.

Priceline slumped 9 per cent after releasing disappointing forecasts for the current quarter.

The Dow Jones industrial average fell 119 points, or 0.7 per cent, to 17,631.

The Standard & Poor’s 500 index lost 12 points, or 0.6 per cent, to 2,050. The Nasdaq composite fell 28 points, or 0.6 per cent, to 4,733.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.79 per cent.

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11:35 a.m.

Britain’s FTSE 100 is leading European stock markets lower as the mining-heavy index suffers from the news that BHP Billiton is facing a $43 billion lawsuit from Brazil’s Federal Public Prosecution for a dam break that killed 19 people and caused the worst environmental disaster in the country’s history.

The index is down 1.3 per cent at 6,102, with BHP itself trading 9 per cent lower. Its peers Anglo American and Antofagasta, among others, have been caught up in the fallout from the revelations, and are trading 4 per cent lower.

The mining sector has been facing the strain lately from a combination of factors, including the dollar’s recent rebound and renewed global growth concerns, stemming primarily from the slowdown in China.

Elsewhere in Europe, Germany’s DAX is down 0.7 per cent at 9,854 while France’s CAC-40 has fallen 0.7 per cent to 4,341.