Markets Right Now: Industrial stocks help pull indexes lower | KOB 4
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Markets Right Now: Industrial stocks help pull indexes lower

July 17, 2019 02:22 PM

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

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4 p.m.

Stock indexes are closing lower for the second day in a row as a sharp drop in railroad operator CSX pulled other industrial companies broadly lower.

Banks also fell Wednesday as investors worry that lower interest rates will hurt their profits going forward.

CSX plunged 10.3% after cutting its revenue outlook for the year. That pulled other railroad companies lower.

Some large technology stocks bucked the downward trend and put up solid gains. Adobe rose 1.4%.

The S&P 500 fell 19 points, or 0.7%, to 2,984.

The Dow Jones Industrial Average lost 115 points, or 0.4%, to 27,219. The Nasdaq gave up 37, or 0.5%, to 8,185.

Bond prices rose. The yield on the 10-year Treasury fell to 2.05%.

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11:45 a.m.

Stock indexes are slightly lower in midday trading on Wall Street as a weak showing for railroad operator CSX pulled industrial companies broadly lower.

Banks were also falling Wednesday as investors worry that lower interest rates will hurt their profits going forward.

Technology stocks bucked the downward trend and put up some solid gains. Qualcomm rose 1.4% following reports that the government asked a court to pause enforcement of an antitrust ruling.

The S&P 500 index fell 5 points, or 0.2%, to 2,998.

The Dow Jones Industrial Average edged down 20 points, or 0.1%, to 27,316. The Nasdaq was little changed at 8,221.

Bond prices rose. The yield on the 10-year Treasury fell to 2.07%.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as gains for health care companies are offset by losses in banks and industrial companies.

Abbott Laboratories rose 4% in early trading Wednesday, while Comerica fell 3.9%. Textron lost 3.5% after reporting revenue that fell short of analysts' estimates.

Qualcomm rose 2% following reports that the government asked a court to pause enforcement of an antitrust ruling against the company.

The S&P 500 index was little changed at 3,004.

The Dow Jones Industrial Average edged down 20 points, or 0.1%, to 27,316. The Nasdaq rose 4 points, or 0.1%, to 8,227.

Bond prices rose. The yield on the 10-year Treasury fell to 2.09%.

Credits

Copyright 2019 The Associated Press. All rights reserved.

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