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Markets Right Now: Stocks tumble on trade fears; oil down 5%

May 23, 2019
FILE - In this May 17, 2019, file photo trader Robert Charmak works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, May 23. (AP Photo/Richard Drew, File)
FILE - In this May 17, 2019, file photo trader Robert Charmak works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, May 23. (AP Photo/Richard Drew, File)

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

12:15 p.m.

Stocks are falling at midday on Wall Street as investors worry about an apparent stalemate in trade talks between the U.S. and China.

Talks between the two countries broke off weeks ago and no new negotiations have been set while tensions remain high. Investors worry a prolonged trade war could hurt economic growth and corporate profits.

The Dow Jones Industrial Average dropped 390 points, or 1.5%, to 25,385. The S&P 500 index fell 42 points, or 1.5%, to 2,813.

The Nasdaq slid 143 points, or 1.9%, to 7,607.

Energy stocks took steep losses as the price of U.S. oil fell below 5.2%. Tech stocks and industrials are also sharply lower.

Investors fled to the safety of bonds. The yield on the 10 year Treasury slipped to 2.31%, the lowest level in more than a year.

9:35 a.m.

Stocks are falling at the open on Wall Street as investors worry about an apparent stalemate in trade talks between the U.S. and China.

A spokesman for China’s Foreign Ministry said Thursday that China is open to more talks on trade. But no new negotiations have been set and tensions between the two sides remain high.

The Dow Jones Industrial Average dropped 300 points, or 1.2%, to 25,476. The S&P 500 index fell 32 points, or 1.1%, to 2,823.

The Nasdaq slid 85 points, or 1.2%, to 7,655.

Energy stocks took steep losses as the price of U.S. oil fell below $60 per barrel. Tech stocks and industrials are also sharply lower.

Investors fled to the safety of bonds. The yield on the 10 year Treasury slipped to 2.35%, the lowest level in more than a year.

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