Markets Right Now: Banks, energy stocks lead modest declines

AP News
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Posted: Dec 29, 2016 4:06 PM

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

4:00 p.m.

Major US stock indexes ended slightly lower, led by declines in banks and energy stocks.

High-dividend stocks like utilities, real estate investment trusts and phone companies rose Thursday as bond yields fell.

Sears jumped 10 percent after the struggling retailer said it had secured a new line of credit.

Trading was subdued ahead of the New Year's Day holiday.

The Dow Jones industrial average gave back 13 points, or 0.1 percent, to 19,819.

The Standard & Poor's 500 index fell a fraction to 2,249. The Nasdaq composite slipped 6 points, or 0.1 percent, to 5,432.

Small-company stocks fared better than the rest of the market. The Russell 2000 edged higher.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.48 percent.

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11:45 a.m.

Banks led U.S. stocks slightly lower in midday trading as the market gave back small gains from earlier in the day.

Utilities and real estate stocks rose Thursday, while crude oil prices headed lower. Newmont Mining jumped 7 percent.

Trading was light ahead of the New Year's Day holiday.

The Dow Jones industrial average gave back 5 points, less than 0.1 percent, to 19,829.

The Standard & Poor's 500 index fell 1 point, less than 0.1 percent, to 2,248. The Nasdaq composite slipped 13 points, or 0.2 percent, to 5,425.

Small-company stocks fared better than the rest of the market. The Russell 2000 was up a fraction.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.48 percent.

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9:35 a.m.

Stocks are opening slightly higher on Wall Street as the market claws back some of the ground it lost a day earlier.

Materials and consumer-focused stocks were among the biggest winners in early trading Thursday. Newmont Mining jumped 3 percent and toy maker Hasbro climbed 1 percent.

Trading was light ahead of the New Year's Day holiday.

The Dow Jones industrial average was up 40 points, or 0.2 percent, to 19,871.

The Standard & Poor's 500 index increased 4 points, or 0.2 percent, to 2,253. The Nasdaq composite climbed 10 points, or 0.2 percent, to 5,448.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 percent.