Markets Right Now: Stocks sink for a 3rd week in a row

AP News
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Posted: May 13, 2016 4:12 PM

NEW YORK (AP) — The Latest on financial developments in financial markets (all times local):

4:00 p.m.

Stocks are closing out a skittish week on a sour note, falling sharply in the afternoon and giving the market its third straight week of declines.

The day started out mixed on Wall Street Friday but a burst of selling through the afternoon left benchmark indexes solidly lower.

Energy companies and banks bore the brunt of the selling as the price of crude oil fell. Southwestern Energy sank 5 percent.

It was another bad day for retailers. Nordstrom plunged 13 percent after releasing disappointing quarterly results.

The Dow Jones industrial average fell 185 points, or 1.1 percent, to 17,535. The Standard & Poor's 500 index gave up 17 points, or 0.9 percent, to 2,046. The Nasdaq composite index lost 19 points, or 0.4 percent, to 4,717.

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11:45 a.m.

U.S. stocks are wobbling as retailers continue to report plunging first-quarter sales.

The price of oil is slipping Friday morning after a string of gains. A two-day losing streak has stocks close to their third straight week of losses.

High-end department store chain Nordstrom plunged 12 percent after releasing disappointing quarterly results. J.C. Penney dropped 2 percent after its results came up short.

They were the latest retailers to turn in poor results. Earlier in the week Macy's slashed its forecast for sales, saying that consumer spending was weak.

The Dow Jones industrial average edged down 33 points, or 0.2 percent, to 17,686. The Standard & Poor's 500 index was down two points at 2,061. The Nasdaq composite index picked up 13 points, or 0.3 percent, to 4,751.

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9:35 a.m.

Stock indexes are little changed in early trading as the market is held back by more negative news from retailers.

High-end department store chain Nordstrom plunged 15 percent in early trading Friday after releasing disappointing quarterly results. J.C. Penney also dropped 5 percent after its results came up short of forecasts.

They were the latest retailers to turn in poor results for the quarter. Earlier in the week Macy's slashed its forecast for sales, saying that consumer spending was weak.

The Dow Jones industrial average inched up five points to 17,725. The Standard & Poor's 500 index was up a point at 2,065. The Nasdaq composite index picked up 13 points, or 0.3 percent, to 4,751.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.74 percent.

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10:15 a.m

European stock markets have tracked their Asian counterparts lower amid concerns over the global economy.

U.S. retail sales figures will be in the spotlight later following a batch of disappointing earnings reports in the sector. A raft of Chinese figures, including retail sales and industrial production, over the weekend are also keeping investors on edge at the end of a volatile week.

Figures showing the eurozone economy grew slower than initially thought in the first three months of the year also weighed on sentiment. Eurostat, the European Union's statistics agency, said the 19-country bloc grew by a quarterly rate of 0.5 percent in the first quarter against its previous estimate of 0.6 percent.

Germany's DAX is down 0.5 percent at 9,816 while the CAC-40 in France has fallen 0.5 percent to 4,273. The FTSE 100 index of leading British shares is 0.6 percent lower at 6,068.