Markets Right Now: Stocks closing lower on Wall Street

AP News
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Posted: Aug 16, 2016 4:14 PM

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

4:00 p.m.

U.S. stocks are closing lower Tuesday led by phone and utility company shares.

Energy companies rose with the price of oil, and the weakened dollar also boosted the prices of fuel and precious metals.

The Dow Jones industrial average fell 84 points, or 0.5 percent, to 18,552. The Standard & Poor's 500 dropped 12 points, or 0.6 percent, to 2,178. The Nasdaq composite slid 35 points, or 0.7 percent, to 5,227.

Celestial Seasonings tea maker Hain Celestial plunged after it delayed an earnings report and said it will miss financial targets.

Gold, silver and copper all rose, and oil gained 84 cents to $46.58 a barrel in New York. Bond prices fell and yields rose.

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12:15 p.m.

U.S. stocks are slipping Tuesday as investors dump phone and utility stocks.

Materials companies are gaining on the back of the dollar's weakness.

A mixed batch of data showed inflation remains weak, while home building and factory production strengthened.

The Dow Jones industrial average is down 53 points, or 0.3 percent, to 18,583. The Standard & Poor's 500 is down 8 points, or 0.4 percent, to 2,183. The Nasdaq composite is down 23 points, or 0.4 percent, to 5,239.

Among decliners, tea maker Hain Celestial slumped nearly 30 percent after saying it expects to fall short of its fiscal-year forecasts. It also delayed its quarterly report.

Oil rose 65 cents to $46.39 a barrel in New York. The yield on the 10-year Treasury rose to 1.58 percent.

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9:30 a.m.

Stocks are opening lower on Wall Street Tuesday. Utilities are slumping, and investors are eyeing a barrage of economic statistics sending mixed signals.

The Dow Jones industrial average is down 74 points, or 0.4 percent, to 18,564. The Standard & Poor's 500 is down 9 points, or 0.4 percent, to 2,181. The Nasdaq composite is down 29 points, or 0.6 percent, to 5,233.

Consumer prices were unchanged in July, according to the Labor Department, while housing starts and industrial production were stronger than economists forecast.

Oil gained a cent to $45.75 a barrel in New York. Bond prices drifted lower and the yield on the 10-year Treasury note rose to 1.57 percent.