Financial companies lead stock market lower

AP News
Posted: Apr 07, 2014 12:29 PM

NEW YORK (AP) — The stock market is slipping lower at midday, led by financial companies and retailers.

Genworth Financial and Chipotle Mexican Grill were among the biggest decliners on the Standard & Poor's 500 index. Genworth fell 5 percent.

The S&P 500 index lost 14 points, or 0.8 percent, to 1,850 at midday. The Dow Jones industrial average fell 124 points, or 0.8 percent, to 16,287.

The tech-heavy Nasdaq continued its weak streak. It fell the most among major U.S. indexes, and was down 42 points, or 1 percent, to 4,086 at midday. A slump in technology stocks pulled the index down 110 points, or 2.6 percent, to 4,127 on Friday, its biggest one-day drop since February.

The yield on the 10-year Treasury note fell to 2.68 percent, from 2.73 percent late Friday.