Markets Right Now: Stocks trading lower as drugmakers fall

NEW YORK (AP) — The latest on developments in financial markets (All times local): 11:50 a.m. Stocks are trading lower at midday as health care companies continued to decline and banks slip along with interest rates. Big drugmakers fell, with Merck down 4.8 percent after it withdrew a marketing...

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

11:50 a.m.

Stocks are trading lower at midday as health care companies continued to decline and banks slip along with interest rates.

Big drugmakers fell, with Merck down 4.8 percent after it withdrew a marketing application for its drug Keytruda in Europe.

Bank of America lost 1 percent and Comerica shed 1 percent as banks and financial companies sank.

Smaller companies skidded. The Russell 2000 index fell 0.9 percent to 1,494.

Technology companies continued to surge. Apple jumped 2 percent.

The Standard & Poor's 500 index slipped 8 points, or 0.3 percent, to 2,573.

The Dow Jones industrial average fell 75 points, or 0.3 percent, to 23,357. The Nasdaq composite is down 1 point to 6,700.

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10 a.m.

Stocks are opening mostly lower as health care companies continued to decline and banks slipped along with interest rates.

Big drugmakers fell Monday morning. Merck slid 5 percent and Pfizer lost 1 percent.

Bank of America lost 0.7 percent and Comerica shed 1 percent as banks and financial companies kidded.

Technology companies continued to surge. Apple jumped 2 percent and Intel added 1.7 percent.

The Standard & Poor's 500 index slipped 4 points or 0.2 percent to 2,577.

The Dow Jones industrial average fell 28 points, or 0.1 percent, to 23,405. The Nasdaq composite is up 10 points, or 0.2 percent, to 6,712.

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