Markets Right Now: Banks lead stocks lower on Wall Street

AP News
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Posted: Nov 16, 2016 4:02 PM

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

4:00 p.m.

Bank stocks are pulling market indexes mostly lower on Wall Street as a weeklong surge in the financial sector peters out.

The dollar continued to appreciate against other currencies Wednesday and has reached its highest mark in 13 years.

The price of oil fell after a big rise the day before.

Earnings from big retailers were also in focus. Home improvement retailer Lowe's sank 3 percent after saying its earnings were held back by weak traffic in its stores. Target jumped 6 percent after reporting strong sales.

The Dow Jones industrial average fell 54 points, or 0.3 percent, to 18,868.

The Standard & Poor's 500 index lost 3 points, or 0.2 percent, to 2,176. The Nasdaq composite edged up 18 points, or 0.4 percent, to 5,294.

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11:45 a.m.

U.S. stocks are mostly lower as banks return some of the huge gains they've made since the presidential election last week.

The dollar continues to rise and has reached its highest mark in 13 years Wednesday.

Earnings from big retailers were also a focus for investors early Wednesday.

Home improvement retailer Lowe's sank 3 percent after saying its earnings were held back in the last quarter by weak traffic in its stores.

Target jumped 7 percent after reporting strong sales.

The Dow Jones industrial average fell 72 points, or 0.4 percent, to 18,849.

The Standard & Poor's 500 index lost 5 points, or 0.3 percent, to 2,174. The Nasdaq composite edged up 16 points, or 0.3 percent, to 5,291.

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9:35 a.m.

Stocks are opening modestly lower on Wall Street, led by a pullback in banks.

Earnings from big retailers were also a focus for investors early Wednesday.

Home improvement retailer Lowe's sank 4 percent after saying its earnings were held back in the last quarter by weak traffic in its stores.

Target jumped 9 percent after reporting strong sales and releasing an optimistic forecast for the holiday shopping season.

The Dow Jones industrial average fell 45 points, or 0.3 percent, to 18,874.

The Standard & Poor's 500 index lost 4 points, or 0.2 percent, to 2,176. The Nasdaq composite slipped 9 points, or 0.2 percent, to 5,266.