Markets Right Now: Stocks edge lower in midday trading

AP News
|
Posted: May 04, 2017 11:59 AM

The latest on developments in financial markets (All times local):

11:45 a.m.

U.S. stocks are mostly lower in midday trading as falling oil prices drag energy companies lower.

Murphy Oil dropped 6 percent Thursday and Newfield Exploration gave up 5.9 percent.

Some big technology names were also slipping. Facebook and Apple each fell about 0.5 percent.

Elsewhere, bank stocks were bucking the downward trend and rising. Bond yields were rising, which is good for banks because it allows them to charge higher interest rates on loans.

Regions Financial gained 1.8 percent and Comerica rose 1.2 percent.

The Standard & Poor's 500 index fell a fraction to 2,387.

The Dow Jones industrial average fell 33 points, or 0.2 percent, to 20,925. The Nasdaq composite slipped 2 points to 6,070.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent.

___

9:35 a.m.

Stocks are opening slightly higher on Wall Street, led by gains in banks and makers of consumer goods.

Wells Fargo picked up 1 percent in early trading Thursday, and Kellogg rose 0.8 percent.

AmerisourceBergen rose 3 percent after the drug distributor reported earnings that came in well ahead of what analysts were expecting.

The Standard & Poor's 500 index edged up 1 point, less than 0.1 percent, to 2,389.

The Dow Jones industrial average rose 17 points, or 0.1 percent, to 20,975. The Nasdaq composite was down a fraction at 6,071.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.