Create a free Manufacturing.net account to continue

Markets Right Now: Stocks move broadly lower on Wall Street

NEW YORK (AP) — The latest on developments in financial markets (all times local): 11:45 a.m. Stocks are dropping on Wall Street as industrial companies drop following some disappointing third-quarter reports. Aircraft maker Textron dropped 9 percent Thursday after its profit and sales fell far...

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

11:45 a.m.

Stocks are dropping on Wall Street as industrial companies drop following some disappointing third-quarter reports.

Aircraft maker Textron dropped 9 percent Thursday after its profit and sales fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.2 percent after it reported weak revenue.

Technology and internet companies also fell sharply. Apple and Microsoft each fell 2.3 percent, and Amazon gave up 2.5 percent.

The S&P 500 index fell 39 points, or 1.4 percent, to 2,769.

The Dow Jones Industrial Average lost 347 points, or 1.3 percent, to 25,367. The Nasdaq composite gave up 142 points, or 1.9 percent, to 7,503.

The yield on the 10-year Treasury note rose as high as 3.22 percent, then fell back to 3.17 percent, about even with late Wednesday.

___

9:35 a.m.

U.S. stocks are opening mostly lower as interest rates rise and industrial companies drop following some disappointing third-quarter reports.

Aircraft maker Textron dropped 10 percent Thursday after its profit and sales both fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.5 percent after it reported weak revenue.

Aluminum producer Alcoa climbed 8.1 percent after a solid quarter. It also said it will buy back $200 million in stock.

The S&P 500 index fell 16 points, or 0.6 percent, to 2,792.

The Dow Jones Industrial Average lost 160 points, or 0.6 percent, to 25,543. The Nasdaq composite gave up 48 points, or 0.6 percent, to 7,594.

Bond prices sank. The yield on the 10-year Treasury note rose to 3.21 percent.

More