Markets Right Now: Banks and tech stocks pull indexes lower

AP News
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Posted: Dec 16, 2016 4:09 PM

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

4:00 p.m.

Major U.S. stock indexes ended slightly lower after an early gain faded away.

Financial and technology stocks had the biggest declines on Friday, outweighing gains in smaller sectors like utilities and real estate companies.

Business software company Oracle dropped 4 percent after reporting revenue that fell short of analysts' forecasts.

Trading was relatively quiet. Six industry sectors in the Standard & Poor's 500 index rose and five fell.

The S&P 500 slipped 4 points, or 0.2 percent, to 2,258.

The Dow Jones industrial average dropped 9 points, or 0.1 percent, to 19,843. The Nasdaq composite lost 19 points, or 0.4 percent, to 5,437.

The yield on the 10-year Treasury note held steady at 2.60 percent.

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11:45 a.m.

An early gain for U.S. stocks was mostly gone by midday as technology companies and banks fell.

Utilities and other big dividend payers were still higher Friday, and bond yields gave up some of their big gains from the last few days.

Business software company Oracle dropped 4 percent after reporting revenue that fell short of analysts' forecasts.

The Standard & Poor's 500 index was up 1 point, or 0.1 percent, at 2,262.

The Dow Jones industrial average gained 31 points, or 0.2 percent, to 19,883. The Nasdaq composite slipped 5 points, or 0.1 percent, to 5,451.

The yield on the 10-year Treasury note fell to 2.57 percent, down from 2.60 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, led by gains in real estate companies and other high-dividend sectors.

The yield on the 10-year Treasury note pulled back from its highest level in two years early Friday, and the dollar held steady against other currencies after soaring the day before.

Several technology companies were in the spotlight after reporting their latest quarterly results. Jabil Circuit jumped 11 percent after its earnings beat estimates. Adobe Systems was up 1 percent.

The Dow Jones industrial average gained 37 points, or 0.2 percent, to 19,890.

The Standard & Poor's 500 index climbed 4 points, or 0.2 percent, to 2,264. The Nasdaq composite added 9 points, or 0.2 percent, to 5,466.