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Markets Right Now: US stocks eke out tiny gains

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

4:00 p.m.

U.S. stock indexes eked out tiny gains after spending much of the day in the red.

Investors sized up new data on the U.S. manufacturing, housing and automobile industries Wednesday. Consumer staples companies led the gainers, while telecommunications stocks lagged the rest of the market.

Automakers GM and Ford Motors declined after reporting a drop in sales for May.

Apparel maker Under Armour slumped 4 per cent after the company warned that its results would be hurt by the bankruptcy of the sporting goods retail chain Sports Authority.

The Dow Jones industrial average edged up 2 points, less than 0.1 per cent, to 17,789. The Standard and Poor’s 500 index also rose 2 points, or 0.1 per cent, to 2,099. The Nasdaq composite gained 4 points, or 0.1 per cent, to 4,952.

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11:45 a.m.

U.S. stocks indexes moved mostly lower in midday trading as investors weighed a mixed batch of economic data out of the U.S. and China.

Telecommunications companies were among the biggest decliners. Automakers GM and Ford Motors also declined after reporting a drop in sales for May.

Apparel maker Under Armour slumped 5 per cent after the company warned that its results would be hurt by the bankruptcy of the sporting good retail chain Sports Authority.

The Dow Jones industrial average fell 40 points, or 0.2 per cent, to 17,746. The Standard and Poor’s 500 index slipped 3 points, or 0.2 per cent, to 2,093. The Nasdaq composite lost 5 points, or 0.1 per cent, to 4,942.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.83 per cent.

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9:35 a.m.

Stocks are opening broadly lower as traders were discouraged by more signs of weakness in China’s economy.

Two surveys showed sluggishness in China’s manufacturing in May, which helped pull the price of crude oil down 2 per cent to just under $48 a barrel.

Apparel maker Under Armour slumped 5 per cent after the company warned that its results would be hurt by the bankruptcy of the sporting good retail chain Sports Authority.

The Dow Jones industrial average fell 111 points, or 0.6 per cent, to 17,675. The Standard and Poor’s 500 index slipped 11 points, or 0.5 per cent, to 2,085. The Nasdaq composite lost 19 points, or 0.4 per cent, to 4,927.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.81 per cent.