Markets Right Now: Stocks pull back from records


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

11:45 a.m.

Stocks pulled back moderately in midday trading on Wall Street as investors hit the pause button following a record-setting streak for major U.S. indexes.

Industrial and materials companies had some of the biggest declines Thursday. Of the 10 sectors in the Standard & Poor’s 500 index, only one rose, health care.

Chipmaker Intel sank 4 percent after reporting a sharp drop in earnings late Wednesday.

Southwest Airlines fell 9 percent after reporting revenue and earnings growth that fell short of analysts’ expectations.

The Standard & Poor’s 500 index lost 5 points, or 0.2 percent, to 2,167.

The Dow Jones industrial average slipped 65 points, or 0.4 percent, to 18,529. The Nasdaq composite declined 9 points, or 0.2 percent, to 5,081.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as traders absorb the latest corporate deal and earnings news.

Bond yields continued to rise early Thursday, knocking high-dividend stocks such as utilities and phone companies lower. Those sectors have been a favorite of investors this year and have risen far more than the rest of the market.

In earnings news, chipmaker Intel sank 4 percent after reporting a sharp drop in earnings late Wednesday. Joy Global soared 18 percent after agreeing to be acquired by the Japanese construction and mining company Komatsu

The Standard & Poor’s 500 index was little changed at 2,173.

The Dow Jones industrial average slipped 25 points, or 0.1 percent, to 18,568. The Nasdaq composite climbed 9 points, or 0.2 percent, to 5,099.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.61 percent.