NEW YORK (AP) — The latest on developments in financial markets (All times local):
Retailers including Target led the stock market lower, ending a 12-day winning streak for the Dow Jones industrial average.
Target slumped 12 percent Tuesday after releasing a weak profit report and earnings forecast.
Industrial stocks and phone companies were among the big decliners.
Online brokers fell sharply after Fidelity announced a cut in trading commissions. TD Ameritrade dropped 10.5 percent and ETrade Financial fell 7.2 percent.
Investors were looking ahead to an evening speech by President Donald Trump to Congress in hopes of gleaning more details on the timing of tax cuts and other policies.
The Dow fell 25 points, or 0.1 percent, to 20,812. The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,363. The Nasdaq composite lost 36 points, or 0.6 percent, to 5,825.
Phone companies are leading stocks slightly lower in midday trading on Wall Street.
The moderate declines Tuesday came a day after the Dow Jones industrial average marked its 12th consecutive record closing high, its longest winning streak in 30 years.
Online brokers fell sharply after Fidelity announced a cut in trading commissions. Other brokerages followed suit. TD Ameritrade dropped 10 percent and ETrade Financial dropped 8.4 percent. Fidelity is privately held.
Target plunged 11 percent after its profit missed forecasts.
The Dow fell 3 points to 20,834. The Standard & Poor’s 500 index fell 3 points, or 0.1 percent, to 2,366. The Nasdaq composite lost 18 points, or 0.3 percent, to 5,843.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.35 percent.
Banks and other financial companies are leading a modest decline in early trading on Wall Street.
The Dow Jones industrial average is coming off its longest winning streak in 30 years.
Online brokers are posting sharp declines Tuesday after Fidelity announced a cut in trading commissions. Other brokerages followed suit. ETrade Financial dropped 6.3 percent and Charles Schwab fell 3.3 percent.
Target plunged 13.6 percent after its profit missed forecasts. The company also issued a weak outlook.
The Dow fell 19 points, or 0.1 percent, to 20,816. The Dow reached its 12th consecutive record high close a day earlier.
The Standard & Poor’s 500 index fell 4 points, or 0.2 percent, to 2,365. The Nasdaq composite fell 11 points, or 0.2 percent, to 5,850.
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