Markets Right Now: Energy stocks lead US indexes lower

AP News
|
Posted: Jan 30, 2017 4:09 PM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks are ending lower on Wall Street but recouped some of the ground they had lost earlier in the day.

Energy, materials and technology companies fell the most Monday.

Airline stocks slumped after President Donald Trump imposed a travel ban on seven Muslim-majority countries, which led to protests and disruptions at airports.

American Airlines dropped 4.4 percent.

The Standard & Poor's 500 index fell 13 points, or 0.6 percent, to 2,280. It was down 26 points earlier.

The Dow Jones industrial average lost 122 points, or 0.6 percent, to 19,971. The Nasdaq composite declined 47 points, or 0.8 percent, to 5,613.

Small-company stocks, which have risen more than the rest of the market in recent months, also fell. The Russell 2000 index lost 18 points, or 1.3 percent, to 1,353.

___

11:45 a.m.

U.S. stocks are falling, putting the market on track for its biggest drop since September, as energy and materials companies take sharp losses.

Airlines skidded Monday after President Donald Trump ordered impose a travel ban on seven Muslim-majority countries, which lead to protests and disruption at airports.

American Airlines slumped 6.3 percent and United Continental dropped 4.8 percent.

Technology companies also fell, and energy companies declined with oil prices.

Rite Aid plunged 17 percent after Walgreens Boots Alliance cut the price it will pay to buy its rival.

The Standard & Poor's 500 index fell 19 points, or 0.9 percent, to 2,275.

The Dow Jones industrial average lost 161 points, or 0.8 percent, to 19,932. The Nasdaq composite gave up 60 points, or 1.1 percent, to 5,600.

___

9:35 a.m.

Stocks are opening broadly lower, led by industrial and technology companies.

American Airlines slumped 3.1 percent in early trading Monday, and Cognizant Technology Solutions lost 2.4 percent.

Rite Aid plunged 18 percent after Walgreen Boots Alliance cut the price it will pay to buy its rival.

Fitbit dropped 12 percent after reporting that it sold fewer of its wearable fitness devices in the fourth quarter than it had anticipated. It also said it would cut jobs.

The Standard & Poor's 500 index fell 12 points, or 0.6 percent, to 2,282.

The Dow Jones industrial average lost 88 points, or 0.4 percent, to 20,006. The Nasdaq composite gave up 44 points, or 0.8 percent, to 5,615.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.49 percent.