Markets Right Now: Stocks pull back after 3 days of gains

AP News
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Posted: Jun 09, 2016 4:11 PM

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

4:00 p.m.

Stocks are closing lower on Wall Street as the market pulls back after three days of gains.

Banks led the declines Thursday as long-term interest rates fell, which will make lending money less profitable. Wells Fargo and Bank of America each fell 2 percent.

Restoration Hardware plunged 21 percent after reporting a big drop in earnings. J.M. Smucker rose 8 percent after reporting strong quarterly results.

The Dow Jones industrial average fell 19 points, or 0.1 percent, to 17,985. The Standard & Poor's 500 index dropped 3 points, or 0.2 percent, to 2,115. The Nasdaq composite index declined 16 points, or 0.3 percent, to 4,958.

Bond prices rose. The yield on the 10-Year U.S. Treasury note fell to 1.68 percent.

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11:45 a.m.

Stocks are moving lower on Wall Street as the market pulls back after three days of gains.

Banks led the declines in midday trading Thursday as long-term interest rates fell. Wells Fargo and Bank of America each fell 2 percent.

Restoration Hardware plunged 21 percent after reporting a big drop in earnings. J.M. Smucker rose 7 percent after reporting strong quarterly results.

The Dow Jones industrial average fell 74 points, or 0.4 percent, to 17,930. The Standard & Poor's 500 index dropped 9 points, or 0.5 percent, to 2,109. The Nasdaq composite index declined 22 points, or 0.5 percent, to 4,951.

Bond prices rose. The yield on the 10-Year U.S. Treasury note fell to 1.67 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street as the market pulls back after three days of gains.

Materials and energy companies were among the biggest losers in early trading Thursday. Those same sectors had posted solid gains earlier this week.

Restoration Hardware plunged 17 percent after reporting a big drop in earnings. J.M. Smucker rose 6 percent after reporting strong quarterly results.

The Dow Jones industrial average fell 57 points, or 0.3 percent, to 17,948. The Standard & Poor's 500 index dropped 8 points, or 0.4 percent, to 2,110. The Nasdaq composite index declined 22 points, or 0.5 percent, to 4,951.

Bond prices rose. The yield on the 10-Year U.S. Treasury note fell to 1.66 percent.