News

Markets Right Now: Stocks closing lower on Wall Street

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

4:15 p.m.

U.S. stocks are closing slightly lower on Friday, as investors sold utilities and other safe assets they’ve favoured until now.

Bond prices slipped, while technology companies made small gains.

The Dow Jones industrial average fell 45 points, or 0.2 per cent, to 18,553. The Standard & Poor’s 500 index fell 3 points, or 0.1 per cent, to 2,184. The Nasdaq composite was nearly unchanged at 5,238.

Oil rose 22 cents to $49.11 a barrel in New York. Precious metals declined.

Applied Materials rose 7 per cent after reporting a strong order backlog. Among retailers, Foot Locker rose 11 per cent on strong earnings. Nike jumped nearly 3 per cent.

Farm equipment maker Deere soared more than 13 per cent after it posted strong results and boosted its full-year outlook.

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12:00 p.m.

U.S. stocks are trading mostly lower Friday, with the biggest losses going to phone and utility companies. Energy companies are lower as the price of oil slips.

The Dow Jones industrial average fell 40 points, or 0.2 per cent, to 18,557. The Standard & Poor’s 500 index fell 5 points, or 0.2 per cent, to 2,182. The Nasdaq composite was nearly unchanged at 5,242.

Energy companies declined as the price of oil slid 6 cents to $48.16 a barrel in New York. Chevron lost 1.1 per cent and Exxon Mobil fell 1 per cent.

Consumer companies traded higher: Foot Locker gained nearly 11 per cent on strong earnings. Nike gained over 3 per cent.

Applied Materials jumped nearly 7 per cent after the chipmaking equipment manufacturer disclosed strong new orders and a solid backlog.

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9:35 a.m.

U.S. stocks are opening lower Friday, with the major indexes headed for a decline on the week.

The Dow Jones industrial average fell 95 points, or 0.5 per cent, to 18,504. The Standard & Poor’s 500 index fell 11 points, or 0.5 per cent, to 2,176. The Nasdaq composite 21 points, or 0.4 per cent, to 5,220.

Disappointing forecasts sent Estee Lauder down 3 per cent, while Foot Locker jumped 6 per cent after reporting higher profit and sales in the second quarter. Emerson Electric dropped 4 per cent after agreeing to buy a valve and control business from Pentair for just over $3 billion.

Oil is down 11 cents to $48.11 a barrel in New York. The yield on the 10-year Treasury note rose to 1.56 per cent.