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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 closed lower on Wall Street Monday as investors pulled back from the major indexes’ record highs of last week.

Consumer-focused and drug company shares weighed on sentiment the most, while energy shares surged along with the price of oil.

Bristol-Myers Squibb dropped nearly 5 per cent in a renewal of selling begun Friday, when it said its cancer treatment Opdivo failed a study aimed at extending its usage.

Wal-Mart Stores slipped 0.6 per cent after saying it’ll pay $3.3 billion in cash and shares for online retailer Jet.com.

The Dow Jones industrial average dropped 14 points, or 0.1 per cent, to 18,529. The Standard & Poor’s 500 fell 2 points, or 0.1 per cent, to 2,181. The Nasdaq composite fell 8 points, or 0.2 per cent, to 5,213.

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11:50 a.m.

Stocks edged lower in midday trading on Wall Street Monday as investors took profits off the back of record highs reached Friday.

Energy stocks surged the most as oil prices rose, while health care companies were the biggest laggard.

Allergan PLC slumped 2.3 per cent after the Botox-maker’s second-quarter revenue fell short of Wall Street’s forecasts. Wall-Mart Stores slid 0.6 per cent after agreeing to buy online retailer Jet.com for $3.3 billion in cash and shares.

Among energy stocks, Marathon Oil surged 4.8 per cent and Murphy Oil rose 4.5 per cent.

The Dow Jones industrial average fell 16 points, or 0.1 per cent, to 18,528.

The Standard & Poor’s 500 index fell 1 point, or 0.1 per cent, to 2,182. The Nasdaq composite fell 10 points, or 0.2 per cent, to 5,212.

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9:30 a.m.

Stocks are opening slightly higher on Wall Street Monday, as major indexes extend record highs set on Friday.

Investors continue to see upside following a surprisingly strong July hiring report that’s boosted confidence of continued economic growth.

Energy stocks led gainers amid rising crude oil prices. Health care companies were among the biggest decliners. Wal-Mart Stores slid on news it was buying fast-growing online retailer Jet.com for $3.3 billion in cash and shares.

The Dow Jones industrial average rose 17 points, or 0.1 per cent, to 18,560. The Standard & Poor’s 500 rose 2 points, or 0.1 per cent, to 2,185. The Nasdaq composite rose 3 points, or 0.1 per cent, to 5,223.