Markets Right Now: Stocks turn lower in midday trading

AP News
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Posted: Sep 28, 2016 11:54 AM

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

11:45 a.m.

Stocks have given up and early gain and are turning lower in midday trading on Wall Street.

Phone companies and utilities fell the most Wednesday. AT&T slumped 2 percent after getting a downgrade from UBS.

Mattress maker Tempur Sealy plunged 24 percent after forecasting weak revenue for the year. Nike fell 3 percent.

The Dow Jones industrial average fell 22 points, or 0.1 percent, to 18,205.

The Standard & Poor's 500 index lost 5 points, or 0.2 percent, to 2,154. The Nasdaq composite was down 15 points, or 0.3 percent, at 5,290.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.55 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, with the biggest gains going to energy and materials companies.

Mining company Freeport-McMoRan rose 3 percent, the biggest gain in the Standard & Poor's 500 index. Chesapeake Energy rose 2 percent.

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Mattress maker Tempur Sealy plunged 22 percent after forecasting weak revenue for the year.

The Dow Jones industrial average rose 42 points, or 0.2 percent, to 18,271.

The Standard & Poor's 500 index climbed 3 points, or 0.2 percent, to 2,163. The Nasdaq composite gained 5 points, or 0.1 percent, to 5,310.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.56 percent.