Markets Right Now: Stocks end mostly lower on Wall Street

Markets Right Now: Stocks end mostly lower on Wall Street Photo: AP

July 16, 2018 03:21 PM

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

4 p.m.

Advertisement

Stocks are closing mostly lower on Wall Street as a steep drop in oil prices delivered a blow to energy companies.

Hess slumped 4 percent Monday. Health care and technology companies also fell. Adobe Systems gave up 1.5 percent.

Tribune Media plunged 16.7 percent after the Federal Communications Commission said it had concerns about its deal to be acquired by Sinclair.

Major banks rose sharply, led by a 4.3 percent surge in Bank of America after it reported strong results.

The S&P 500 index fell 2 points, or 0.1 percent, to 2,798.

The Dow Jones Industrial Average edged up 44 points, or 0.2 percent, to 25,064. The Nasdaq composite fell 20 points, or 0.3 percent, to 7,805.

Bond prices fell. The yield on the 10-year Treasury rose to 2.85 percent.

___

11:45 a.m.

Energy companies are falling along with the price of crude oil, bringing U.S. stocks lower after two weeks of gains.

Chevron lost 1.5 percent in midday trading Monday and Exxon Mobil fell 1.2 percent.

The price of crude oil slumped almost 4 percent on reports the U.S. will take a softer stance on countries that import oil from Iran.

Banks rose along with interest rates, and Bank of America is up 2.4 percent after a solid second-quarter report.

The S&P 500 index rose half a point to 2,801.

The Dow Jones Industrial Average edged up 14 points, or 0.1 percent, to 25,033. The Nasdaq composite added 11 points, or 0.2 percent, to 7,838.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 percent.

___

9:35 a.m.

Stocks are opening slightly higher on Wall Street, led by banks and retailers, adding the market's gains over the past two weeks.

Bank of America rose 1.5 percent early Monday after reporting solid results for the second quarter, and Deutsche Bank jumped 7.4 percent after saying its earnings in the current quarter will be stronger than expected.

Arconic, which makes aluminum products, soared 10.8 percent after the Wall Street Journal reported that a private equity firm might buy the company.

The S&P 500 index rose half a point to 2,801.

The Dow Jones Industrial Average edged up 14 points, or 0.1 percent, to 25,033. The Nasdaq composite added 11 points, or 0.2 percent, to 7,838.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 percent.

Credits

(Copyright 2018 by The Associated Press. All Rights Reserved.)

Advertisement

Musicians, Celebrities, Politicians Mourn Death of Aretha Franklin

'Queen of Soul' Aretha Franklin Dies at 76

Charges Upgraded for Suspect in Corrections Officer Death

Arrest Made in Fatal Stabbing Near School in St. Paul Park

Sunny, Humid Thursday with Chance for Isolated Storm

Minnesota Lt. Governor Candidates Differ on Issues, but Agree on Historic Moment

Advertisement