US Stocks Skid in Midday Trading as Banks, Tech Slump

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Source:   —  April 07, 2016, at 7:23 PM

S. stocks are sinking Thursday afternoon, led by losses in banks and technology companies. Oil prices are inching lower after a 5-percent leap a day earlier.

U. south. stocks are sinking Thursday afternoon, led by losses in banks and technology companies. Oil prices are inching lower after a 5-percent leap a day earlier.

KEEPING SCORE: The Dow Jones industrial average fell one hundred fifty-seven points, or 0.9 percent, to 17.569 as of 12:08 p. m. Eastern time. The Standard & Poor's five hundred index shed twenty points, or one percent, to 2.047. The Nasdaq composite index lost fifty-five points, or one.1 percent, to 4.865.

WIDE SLUMP: Nine of the ten industrial sectors of the S&P five hundred were trading lower. For the second day in a row, telecommunications companies lagged the rest of the market. Verizon fell $1.37, or 2.6 percent, to $52.15. Goldman Sachs led banks lower, as it slid $3.48, or 2.2 percent, to $151.71 and financial services firm Charles Schwab dropped $1.14, or 4.1 percent, to $26.69. eBay led the losers among tech stocks with a decline of $1.twenty-one, or 4.8 percent, to $24.22. Mining and metals companies also struggled. Copper, gold and energy company Freeport-McMoRan lost sixty-eight cents, or 7.1 percent, to $8.93.

WYNN-ING: Wynn Resorts jumped $10.ninety-one, or 12.2 percent, to $one hundred.46 after the hotel and casino company proposed a new development. Wynn said it wants to construct a recreational lake and hotel behind its Wynn Las Vegas property.

TAP THE BRAKES: Used car dealership chain CarMax reported powerful fourth-quarter results, but its stock lost $2.35, or 4.4 percent, to $50.94. The company said it faced a tougher sales environment in the second half of the fiscal year.

ENERGY: After large gain a day ago, benchmark U. S. crude fell eighty-six cents, or 2.3 percent, to $36.89 per barrel in New York. Brent crude, used to price international oils, dropped 91 cents, or 2.3 percent, to $38.93 a barrel in London.

RETAIL RESULTS: Wholesale club operator Costco declined after the company disclosed its March sales. Its stock fell $4.83, or 3.1 percent, to $151.94.

Residence goods seller Bed Bath & Beyond and retailer Ollie'south Bargain Hunting Outlet Holdings both traded higher after they announced their quarterly results. Bed Bath & Beyond gained $1.77, or 3.6 percent, to $05.58 and Ollie'south climbed $2.sixty-five, or 11.7 percent, to $25.35.

METALS: The price of gold rose $17.30, or 1.4 percent, to $1.241.10 an oz and silver gained 21 cents, or 1.4 percent, to $15.26 an ounce.

EXCELLENT FIT: HanesBrands said it'll purchase Winner Europe. HanesBrands owns Winner and the deal gives it control of a company that owned the Winner trademark in Europe as well as the Center E and Africa. It recently made a similar deal in Japan unit as well. The underwear, T-shirt and sock maker'south stock added $1.20, or 4.4 percent, to $28.30.

EAT UP: ConAgra Foods added 65 cents to $46.09. The maker of Chef Boyardee, Hebrew National hot dogs and other packaged foods reported third-quarter profit and sales were stronger than expected.

OVERSEAS: Germany'south DAX fell 1 % and the CAC-40 in France shed 0.9 percent. Britain'south FTSE 100 lost 0.4 percent. In Tokyo, the Nikkei two hundred twenty-five advanced 0.2 % and Hong Kong'south Hang Seng added 0.3 percent. Seoul'south Kospi added 0.1 percent.

BONDS, CURRENCIES: U. S. government bond prices rose. The yield on the 10-year U. S. Treasury note fell to 1.70 % from 1.76 percent. The dollar continued to weaken against the yen, falling to 108.02 from 109.62 yen. The dollar is at its lowest price compared to the yen in nearly a year and a half. The euro declined to $1.1387 from $1.1410.

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AP Markets Writer Marley Jay can be reached at http://twitter. com/MarleyJayAP His work can be found at http://bigstory. ap. org/journalist/marley-jay

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