73.5 F
Fort Worth
Wednesday, October 21, 2020
Banking Dow falls 608 points as stocks plunge, erasing gains for the year

Dow falls 608 points as stocks plunge, erasing gains for the year

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

NEW YORK (AP) — Stocks closed sharply lower on Wall Street, led by a swoon in technology companies. The S&P 500 and the Dow Jones Industrial Average erased their gains for the year.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday. Netflix gave back 9.4 percent and Amazon dropped 5.9 percent.

Several companies sustained heavy drops after reporting disappointing results. Texas Instruments, a major chipmaker, slumped 8.2 percent and AT&T fell 8.1 percent.

The technology-heavy Nasdaq composite is now 12.3 percent below its August peak.

The S&P 500 index fell 84 points, or 3.1 percent, to 2,656.

The Dow fell 608 points, or 2.4 percent, to 24,583. The Nasdaq composite gave up 329 points, or 4.4 percent, to 7,108.

Bond prices rose, sending yields lower.

___

11:45 a.m.

Stocks are turning broadly lower in midday trading on Wall Street, extending a losing streak for the S&P 500 index to a sixth day.

Several big companies were falling Wednesday after reporting disappointing quarterly results.

Texas Instruments, a major chipmaker, slumped 3.6 percent after its results missed forecasts. UPS fell 3 percent.

Technology and media and communications companies also fell. AT&T dropped 6.2 percent.

Boeing jumped 3.3 percent after beating analysts’ earnings forecasts.

The S&P 500 index fell 16 points, or 0.6 percent, to 2,724.

The Dow Jones Industrial Average fell 50 points, or 0.2 percent, to 25,138. The Nasdaq composite gave up 75 points, or 1 percent, to 7,362.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.

___

9:35 a.m.

Stocks are off to a mixed start on Wall Street as gains for Boeing and other industrial companies are offset by losses elsewhere in the market.

Boeing jumped 2.2 percent in early trading Wednesday after beating analysts’ earnings forecasts and raising its estimates for the year, citing faster orders for aircraft.

Texas Instruments, a major chipmaker, slumped 5.5 percent after its results missed forecasts.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,736.

The Dow Jones Industrial Average was higher thanks to the gain in Boeing. The 30-stock index rose 71 points, or 0.3 percent, to 25,259. The Nasdaq composite gave up 9 points, or 0.1 percent, to 7,427.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.

Latest News

Gateway opens mortgage center in Keller

Gateway Mortgage Group, a division of Gateway First Bank, has opened a new mortgage center in Keller. The...

UMB Bank continues growth in DFW market

UMB Bank Market Share 2020 UMB ranks No. 1 for market share in its headquarters of Kansas City with 23%...

Commentary: Five Trends that could define our post-coronavirus lives

Richard Holt and Joan D’Amico As the Metroplex continues to grapple with the impact of COVID-19,...

IPOs include security firm with North Texas operations

Initial public offerings scheduled to debut next weekNEW YORK (AP) — The following is a list of initial public offerings planned for...

Encore Bank launches new business lines

Encore Bank Senior Executive Vice President & Chief Operations Officer Burt Hicks has announced the launch of two new lines of business,...