Markets Right Now: Stock indexes pull back below records

The latest on developments in financial markets (All times local):

4 p.m.

Stocks are closing slightly lower on Wall Street, pulling the market below the record highs it set the day before.

Losses in industrial and energy stocks contributed the most to the modest declines on Thursday. Boeing lost 3.1 per cent while Kinder Morgan fell 2.9 per cent.

La Quinta rose 3.8 per cent after Wyndham Worldwide agreed to buy its hotel franchise and management business. Wyndham gained 4.8 per cent.

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The Standard & Poor’s 500 index fell 4 points, or 0.2 per cent, to 2,798.

The Dow Jones industrial average gave up 97 points, or 0.4 per cent, to 26,017. The Nasdaq composite fell 2 points, less than 0.1 per cent, to 7,296.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.62 per cent. That’s the highest level for the benchmark yield since March.

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11:45 a.m.

Stocks are moving lower in midday trading, pulling the market back from the record highs it set the day before.

Losses in health care, industrial and other sectors were outweighing gains by phone and technology companies Thursday. Energy stocks also fell.

Boeing lost 2.9 per cent and Merck gave up 2.2 per cent.

La Quinta rose 3.4 per cent after Wyndham Worldwide agreed to buy its hotel franchise and management business.

The Standard & Poor’s 500 index fell 8 points, or 0.3 per cent, to 2,794.

The Dow Jones industrial average gave up 134 points, or 0.5 per cent, to 25,976. The Nasdaq composite fell 11 points, or 0.2 per cent, to 7,286.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.61 per cent.

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9:35 a.m.

Stock indexes are wavering between small gains and losses in early trading on Wall Street as gains for technology companies are offset by losses in energy and other sectors.

Some banks were higher early Thursday after reporting earnings that were better than analysts were expecting. Morgan Stanley rose 1 per cent and BB&T gained 3.2 per cent.

La Quinta rose 4.5 per cent after Wyndham Worldwide agreed to buy its hotel franchise and management business.

The Standard & Poor’s 500 index was up 1 point at 2,804.

The Dow Jones industrial average was little changed at 26,123. The Nasdaq composite edged up 3 points, less than 0.1 per cent, to 7,302.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.61 per cent.

The Associated Press