Markets Right Now: Stocks fade, ending a New Year’s rally
The latest on developments in financial markets (All times local):
A stellar start for the New Year on Wall Street has faded as the market posted its first loss of the year.
The slight declines Wednesday came after six straight gains for the Standard & Poor’s 500 index, its longest winning streak to open a year since 2010.
The losses were steeper in the morning, when the yield on the 10-year Treasury approached 2.60 percent. The rise in rates moderated as the day progressed.
High-dividend stocks like real estate companies, utilities and makers of consumer products fell.
Campbell Soup fell 3.1 percent.
The S&P 500 fell 3 points, or 0.1 percent, to 2,748.
The Dow Jones industrial average lost 16 points, or 0.1 percent, to 25,369. The Nasdaq composite fell 10 points, or 0.1 percent, to 7,153.
Concerns about rising interest rates are sending stocks slightly lower on Wall Street, threatening to end a six-day New Year’s rally.
Technology and health care companies posted some of the biggest losses Wednesday. Banks rose.
The Standard & Poor’s 500 was on pace for its first loss of 2018.
The pause for stocks came as Treasury yields continued their upward climb, and the 10-year yield traded at its highest level since March.
EBay fell 4.5 percent, and UnitedHealth Group lost 1 percent.
The S&P 500 fell 4 points, or 0.2 percent, to 2,747.
The Dow Jones industrial average lost 19 points, or 0.1 percent, to 25,366. The Nasdaq composite fell 25 points, or 0.4 percent, to 7,137.
Bond prices fell. The 10-year Treasury yield rose to 2.58 percent.
Stocks are opening lower on Wall Street as a New Year’s rally runs out of gas.
Technology and health care stocks fell the most in early trading Wednesday.
Micron Technology fell 2.3 percent and UnitedHealth Group lost 1 percent.
Domino’s Pizza dropped 3.4 percent after saying CEO Patrick Doyle will leave at the end of June after 8 years in charge.
Banks rose as bond yields continued to climb.
The Standard & Poor’s 500 fell 7 points, or 0.3 percent, to 2,743.
The Dow Jones industrial average fell 64 points, or 0.2 percent, to 25,320. The Nasdaq composite fell 26 points, or 0.4 percent, to 7,135.
Bond prices fell. The 10-year Treasury yield rose to 2.59 percent.