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Markets Right Now: Stocks tumble as energy companies fall

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

4:05 p.m.

U.S. stocks are closing lower on Wall Street as energy companies follow the retreat of oil prices from their recent highs. Banks are falling again as bond yields continue to plunge. The slump wiped out most of the market’s gains from earlier in the week.

ConocoPhillips gave up 4.4 per cent and oilfield services company Schlumberger shed 1.8 per cent. U.S. crude lost 3 per cent.

Citigroup sank 2.5 per cent and JPMorgan Chase lost 1.4 per cent. Banks are among the worst hit in broad selling across most sectors. The only sectors unscathed at the end of trading were consumer staples and telecommunications.

Bond prices rose as the yield on the 10-Year U.S. Treasury fell to 1.64 per cent.

The Dow Jones industrial average fell 120 points, or 0.7 per cent, to 17,865. The Standard & Poor’s 500 index dropped 19 points, or 0.9 per cent, to 2,096. The Nasdaq composite index declined 64 points, or 1.3 per cent, to 4,895.

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12:00 p.m.

U.S. stocks are skidding as energy companies follow the retreat of oil prices from their recent highs, and banks are falling again as bond yields continue to plunge. Stocks in Europe and Asia also sank.

ConocoPhillips gave up 2.4 per cent and oilfield services company Schlumberger shed 1 per cent. U.S. crude lost 1.8 per cent.

Citigroup sank 2.4 per cent and JPMorgan Chase lost 1.3 per cent. Banks are among the worst hit in broad selling across most sectors. The only sector unscathed at midday is telecommunications, which are making big gains.

Bond prices rose as the yield on the 10-Year U.S. Treasury fell to 1.64 per cent.

The Dow Jones industrial average fell 81 points, or 0.5 per cent, to 17,903. The Standard & Poor’s 500 index dropped 15 points, or 0.7 per cent, to 2,101. The Nasdaq composite index declined 47 points, or 0.9 per cent, to 4,912.

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9:35 a.m.

U.S. stocks are falling as indexes in Europe and Asia slump. Banks are taking the biggest losses as bond yields drop further, pushing long-term interest rates lower.

Citigroup and Bank of America are both down 2 per cent. Energy companies are falling with oil prices.

Banks among worst hit in broad selling across most sectors. Only sector unscathed in early trading is utilities.

Bond prices rose as the yield on the 10-Year U.S. Treasury fell to 1.64 per cent.

The Dow Jones industrial average fell 136 points, or 0.8 per cent, to 17,847. The Standard & Poor’s 500 index dropped 19 points, or 0.9 per cent, to 2,097. The Nasdaq composite index declined 54 points, or 1.1 per cent, to 4,904.