Markets Right Now: Stocks end lower as tech companies fall

Big banks rose after the Federal Reserve said that they can buy back more stock and raise their dividends. Bond yields and interest rates also jumped.

Citigroup climbed 2.8 per cent and Regions Financial added 4 per cent.

The Standard & Poor’s 500 index shed 21 points, or 0.9 per cent, to 2,419.

The Dow Jones industrial average retreated 167 points, or 0.8 per cent, to 21,287. The Nasdaq composite dropped 90 points, or 1.4 per cent, to 6,144.

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11:45 a.m.

U.S. stocks are sharply lower at midday as technology companies take big losses.

Cisco Systems fell 1.5 per cent Thursday after it lowered its profit and revenue growth targets. Cisco makes switches, routers and other networking gear.

Alphabet, Google’s parent company, dropped 2.3 per cent. Technology stocks are trading at their lowest levels since early May.

Banks were among the few stocks that traded higher.

Walgreens ended its effort to buy Rite Aid, and will buy about half of its stores instead. Walgreens dipped 0.5 per cent while Rite Aid dropped 25.8 per cent.

The Standard & Poor’s 500 index shed 16 points, or 0.7 per cent, to 2,423.

The Dow Jones industrial average sank 108 points, or 0.5 per cent, to 21,346. The Nasdaq composite fell 90 points, or 1.5 per cent, to 6,143.

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9:40 a.m.

Stocks are lower in early trading as technology companies and big-dividend stocks dip.

Banks soared Thursday after the Federal Reserve said that they can buy back more stock and raise their dividends. Bond yields also jumped.

Citigroup jumped 3.4 per cent. Investors cooled on other high-dividend companies and real estate investment trust Ventas fell 2.4 per cent.

Chipmaker Nvidia lost 1.7 per cent as tech companies continued to struggle.

Walgreens ended its effort to buy Aid, and will buy about half of its stores instead. Walgreens gained 2.8 per cent and Rite Aid dropped 23.9 per cent.

The Standard & Poor’s 500 index dipped 4 points, or 0.2 per cent, to 2,436.

The Dow Jones industrial average sank 7 points to 21,447. The Nasdaq composite fell 39 points, or 0.6 per cent, to 6,195.

The Associated Press

by Canadian Press

Markets Right Now: Stocks end lower as tech companies fall

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