Markets Right Now: Tech drop pull stock US indexes lower
NEW YORK (AP) — The latest on developments in financial markets (all times local):
11:45 a.m.
U.S. stocks are moving lower in midday trading, weighed down by losses in technology and consumer products companies.
Apple lost 2.3 percent Thursday and tobacco maker Philip Morris International plunged 16.8 percent after reporting weak results.
Banks bucked the downward trend and rose along with bond yields. Bank of New York Mellon climbed 5.2 percent.
Energy stocks also rose as a rally in oil prices continued, bringing crude to the highest level in more than three years. Philips 66 rose 1.4 percent.
The S&P 500 index fell 18 points, or 0.7 percent, to 2,689.
The Dow Jones industrial average lost 90 points, or 0.4 percent, to 24,657.