US stocks decline on mixed earnings; Target drops
NEW YORK (AP) — U.S. stock prices are moving lower as traders digest some mixed corporate earnings and a weak indicator on the Chinese economy.
The Standard & Poor’s 500 index fell six points, or 0.3 percent, to 1,932 in midday trading Tuesday.
The Dow Jones industrial average fell 54 points, or 0.3 percent, to 16,515. The Nasdaq composite lost six points, or 0.1 percent, to 4,378.
Target fell 3 percent after the company lowered its second-quarter earnings forecast, citing promotional discounts it had to use to attract shoppers.
In China, a purchasing managers’ index by HSBC showed the services industry grew in July at the slowest rate last month since November 2005.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.51 percent.