Markets Right Now: Stocks fall on steep drop by GE
NEW YORK (AP) — The latest on developments in financial markets (All times local):
U.S. stocks are closing lower on Wall Street as industrial and technology companies stumble.
Industrial companies declined Monday as General Electric fell 6.3 percent, its biggest loss since 2011.
Companies in technology and retail also fell. Facebook lost 2.1 percent and Amazon shed 1.7 percent.
Toy company Hasbro sank 8.6 percent and competitor Mattel fell 3.2 percent after Hasbro’s sales forecast disappointed Wall Street.
Major indexes were at all-time highs after a six-week winning streak.
The Standard & Poor’s 500 index slid 10 points, or 0.4 percent, to 2,565.
The Dow Jones industrial average fell 55 points, or 0.2 percent, to 23,274. The Nasdaq composite lost 42 points, or 0.6 percent, to 6,587.
U.S. stocks are slightly lower at midday as industrial companies stumble and health care firms move up.
Industrial companies declined Monday as General Electric fell 5.5 percent and United Rentals lost 1.4 percent.
Toy company Hasbro and competitor Mattel are tumbling after Hasbro’s sales forecast disappointed Wall Street.
Health care companies rose. Robotic surgery system maker Intuitive Surgical added 2 percent.
Major indexes are near all-time highs after a six-week winning streak and the Standard & Poor’s 500 index has risen for the last seven days.
The S&P 500 slid 1.3 points, or 0.1 percent, to 2,574.
The Dow Jones industrial average picked up 21 points, or 0.1 percent, to 23,350. The Nasdaq composite lost 16 points, or 0.3 percent, to 6,613.
U.S. stocks are starting the week with modest gains as major indexes build on a six-week winning streak that has brought them to record highs.
Technology companies made some of the biggest moves Monday. Electronic storage company Seagate Technology soared 15.7 percent after its first-quarter results were better than analysts expected.
Communications software maker BroadSoft added 1.6 percent after Cisco Systems agreed to buy it for $55 a share, or $1.9 billion.
Industrial companies and banks took small losses.
The Standard & Poor’s 500 index added 2 points, or 0.1 percent, to 2,577.
The Dow Jones industrial average picked up 16 points, or 0.1 percent, to 23,345. The Nasdaq composite advanced 8 points, or 0.1 percent, to 6,637.