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Markets Right Now: Tech losses weigh on US stock indexes

January 24, 2018

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

4 p.m.

U.S. stocks wobbled and finished mostly lower on Wall Street as technology companies including chipmakers dropped.

Industrial companies were weighed down by steep losses in airlines Wednesday.

United Continental plunged 11 percent after saying it would ramp up passenger capacity to compete with lower-priced airlines. Delta fell 5 percent and American Airlines sank 6 percent.

The dollar, already at three-year lows, got even weaker after Treasury Secretary Steven Mnuchin said the declining dollar is good for U.S. exporters. Gold and silver prices rose.

The Standard & Poor’s 500 index slipped 1 point 2,837.

The Dow Jones industrial average added 41 points, or 0.2 percent, to 26,252. The Nasdaq composite fell 45 points, or 0.6 percent, to 7,415.

Bond prices fell. The yield on the 10-year Treasury rose to 2.65 percent.

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11:45 a.m.

Stocks are mostly lower as losses for Texas Instruments and other chipmakers, as well as Apple, pull technology companies lower.

The dollar is weaker Wednesday after Treasury Secretary Steven Mnuchin said the declining dollar is good for U.S. exporters. Gold and silver prices jumped.

Airlines are falling sharply after United Continental said it plans to ramp up capacity.

United plunged 12 percent, Delta dropped 7 percent and American Airlines sank 7.6 percent.

The Standard & Poor’s 500 index was little changed at 2,839.

The Dow Jones industrial average added 64 points, or 0.2 percent, to 26,274. The Nasdaq composite fell 34 points, or 0.5 percent, to 7,425

Bond prices fell. The yield on the 10-year Treasury rose to 2.65 percent.

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9:35 a.m.

Health care and consumer-focused companies are rising in early trading as stocks look to extend their winning streak to a fourth day.

Medical device, drug and infant formula maker Abbott Laboratories climbed 3.6 percent Wednesday after reporting a strong fourth quarter.

United Continental plunged 8.6 percent after saying it will ramp up flights at a faster pace over the next three years.

The dollar weakened further after Treasury Secretary Steven Mnuchin said the declining dollar is good because it helps U.S. exporters. Gold climbed 1.2 percent.

The Standard & Poor’s 500 index gained 7 points, or 0.3 percent, to 2,846.

The Dow Jones industrial average added 97 points, or 0.4 percent, to 26,307. The Nasdaq composite picked up 13 points, or 0.2 percent, to 7,473.

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