Markets Right Now: Industrials, banks weigh on stock prices
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks fell on Wall Street as banks and industrial companies posted sizable losses.
Citigroup lost 1.9 percent Wednesday and aerospace giant Boeing gave up 2.5 percent.
Banks fell along with bond yields and industrial companies weakened as European leaders warned of the risk of escalating trade tensions.
Department stores and other retailers fell after the Commerce Department said retail sales declined in February. Kroger lost 2.4 percent.
Signet Jewelers plunged 20 percent after giving weak a forecast.
The S&P 500 fell 15 points, or 0.6 percent, to 2,749.
The Dow Jones industrial average lost 248 points, or 1 percent, to 24,758. The Nasdaq composite fell 14 points, or 0.2 percent, to 7,496.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.82 percent.
Stocks gave up an early gain and were broadly lower at midday as industrial companies and banks post hefty losses.
Boeing, a major exporter that would stand to lose if trade tensions escalate, dropped 4 percent in midday trading Wednesday.
The leader of the European Union voiced concerns about tariffs the White House recently announced on imported steel and aluminum.
Signet Jewelers plunged 17 percent after giving weak forecasts for the current year and saying it will cut costs.
The S&P 500 fell 14 points, or 0.5 percent, to 2,750.
The Dow Jones industrial average gave up 265 points, or 1.1 percent, to 24,745.
The Nasdaq composite lost 29 points, or 0.4 percent, to 7,481.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.81 percent.
U.S. stocks are rising as the market claws back some of its losses from the day before.
Technology companies bounced back in early trading Wednesday. PayPal gained 1.3 percent. Also rising were high-dividend stocks like utility companies. NextEra Energy gained 1.5 percent.
Signet Jewelers tumbled 13.5 percent after it gave weak forecasts for the current year and said it will cut costs.
The S&P 500 gained 5 points, or 0.2 percent, to 2,770.
The Dow Jones industrial average rose 70 points, or 0.3 percent, to 25,077. The Nasdaq composite rebounded 11 points, or 0.2 percent, to 7,522.