The latest on developments in financial markets (All times local):
Major U.S. stock indexes ended up more or less where they started on Wall Street as big drops in energy companies canceled out gains elsewhere in the market.
Energy companies posted sharp losses on Thursday after the price of crude oil plunged 5 percent to its level since last fall.
Chesapeake Energy fell 7.4 percent.
Banks did relatively well as bond yields rose, which allows lenders to charge higher interest rates on loans. Regions Financial rose 1.1 percent.
The Standard & Poor’s 500 index rose 1 point to 2,389.
The Dow Jones industrial average fell 6 points, less than 0.1 percent, to 20,951. The Nasdaq composite edged up 2 points to 6,075.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.35 percent.
U.S. stocks are mostly lower in midday trading as falling oil prices drag energy companies lower.
Murphy Oil dropped 6 percent Thursday and Newfield Exploration gave up 5.9 percent.
Some big technology names were also slipping. Facebook and Apple each fell about 0.5 percent.
Elsewhere, bank stocks were bucking the downward trend and rising. Bond yields were rising, which is good for banks because it allows them to charge higher interest rates on loans.
Regions Financial gained 1.8 percent and Comerica rose 1.2 percent.
The Standard & Poor’s 500 index fell a fraction to 2,387.
The Dow Jones industrial average fell 33 points, or 0.2 percent, to 20,925. The Nasdaq composite slipped 2 points to 6,070.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.36 percent.
Stocks are opening slightly higher on Wall Street, led by gains in banks and makers of consumer goods.
Wells Fargo picked up 1 percent in early trading Thursday, and Kellogg rose 0.8 percent.
AmerisourceBergen rose 3 percent after the drug distributor reported earnings that came in well ahead of what analysts were expecting.
The Standard & Poor’s 500 index edged up 1 point, less than 0.1 percent, to 2,389.
The Dow Jones industrial average rose 17 points, or 0.1 percent, to 20,975. The Nasdaq composite was down a fraction at 6,071.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.37 percent.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Main Street Minute: Phoenix tech firm buys manufacturing company
- Report: Pei Wei could move headquarters out of Arizona
- Main Street Minute: Amazing Jake’s to get makeover, name change
- Main Street Minute: Phoenix has openings for fire emergency dispatchers
- Main Street Minute: Barbecue spot to open in downtown Phoenix