Stocks slip as investors anticipate higher rates
NEW YORK (AP) — Stocks are slightly lower in early trading as investors anticipate higher interest rates.
The Standard & Poor’s 500 index fell five points, or 0.3 percent, to 1,855 in the first few minutes of trading Thursday.
The Dow Jones industrial average fell 59 points, or 0.4 percent, to 16,163. The Nasdaq composite fell 16 points, or 0.4 percent, to 4,290.
Guess fell after the apparel maker reported lower quarterly income and forecast a loss for its current quarter.
ConAgra Foods reported that its quarterly income nearly doubled as the company continues to benefit from the acquisition of private-label food maker Ralcorp.
Bond prices fell slightly. The yield on the 10-year Treasury note rose to 2.78 percent from 2.77 percent.