Markets Right Now: Stocks closing lower on Wall Street



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

4:00 p.m.

Stocks are closing lower on Wall Street Wednesday as energy companies fall with the price of oil and banks and health care stocks slide. Phone company stocks are also up.

Earnings reports drove much of the trading. Drugmaker Perrigo sank 10 percent and solar power company SunPower lost almost 30 percent.

The price of crude oil fell 2.5 percent to $41.71 a barrel in New York.

Consumer stocks fared better. Ralph Lauren shares jumped 9 percent.

The Dow Jones industrial average fell 38 points, or 0.2 percent, to 18,496. The Standard & Poor's 500 index fell 6 points, or 0.3 percent, to 2,175. The Nasdaq composite fell 21 points, or 0.4 percent, to 5,205.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.51 percent.

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12:00 p.m.

Stocks are falling at midday on Wall Street Wednesday, pulled down by a slide in energy companies as oil prices slump.

Banks and health care companies also slid, while consumer-focused companies moved higher on strong quarterly earnings.

Yelp rose nearly 15 percent, and watchmaker Fossil and clothing brand Ralph Lauren also surged.

Wendy's fell 2.6 percent on weak quarterly sales.

The price of crude oil fell 2 percent to $41.93 a barrel in New York.

The Dow Jones industrial average fell 38 points, or 0.2 percent, to 18,495. The Standard & Poor's 500 index shed 7 points, or 0.3 percent, to 2,175. The Nasdaq composite lost 27 points, or 0.5 percent, to 5,199.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.52 percent.

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9:45 a.m.

Stocks are opening flat to slightly lower on Wall Street Wednesday, while consumer companies and household goods companies advanced.

Ralph Lauren rose 8 percent on strong quarterly earnings, and Hanesbrands jumped 3 percent.

Department store chain Kohl's rose 2 percent, and retailers Macy's, Wal-Mart and Gap made strong gains.

Major indexes in Europe and Asia slipped.

The price of crude oil rose 0.4 percent to $42.92 a barrel in New York.

The Dow Jones industrial average was nearly unchanged at 18,540. The Standard & Poor's 500 index was also nearly unchanged at 2,181. The Nasdaq composite was down 8 points, or 0.1 percent, at 5,218.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.53 percent.

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The Associated Press

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