Thursday, September 23, 2021
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U.S. stocks go through broad slump led by banks

🕐 3 min read

NEW YORK (AP) — U.S. stocks are sinking Thursday afternoon, led by losses in banks and technology companies. Oil prices are inching lower after a 5-percent jump a day earlier. Stocks are on track for their third drop in four days this week.

KEEPING SCORE: The Dow Jones industrial average fell 176 points, or 1 percent, to 17,540 as of 1:55 p.m. Eastern time. The Standard & Poor’s 500 index shed 26 points, or 1.3 percent, to 2,040. The Nasdaq composite index lost 70 points, or 1.4 percent, to 4,850.

BROAD SLUMP: All 10 industrial sectors of the S&P 500 traded lower. Financial companies took some of the largest losses, including Goldman Sachs, which slid $4.08, or 2.6 percent, to $151.11 and financial services firm Charles Schwab dropped $1.15, or 4.1 percent, to $26.68. Telecommunications companies lagged the rest of the market for the second day in a row. Verizon fell $1.29, or 2.4 percent, to $52.23. eBay led the losers among tech stocks with a decline of $1.17, or 4.6 percent, to $24.26. Mining and metals companies also struggled. Copper, gold and energy company Freeport-McMoRan lost 68 cents, or 7.1 percent, to $8.93.

WYNN-ING: Wynn Resorts jumped $9.20, or 10.3 percent, to $98.75 after the hotel and casino company proposed a new development. Wynn said it wants to build a recreational lake and hotel behind its Wynn Las Vegas property.

ENERGY: After big gain a day ago, benchmark U.S. crude fell 91 cents, or 2.4 percent, to $36.84 per barrel in New York. Brent crude, used to price international oils, dropped 88 cents, or 2.2 percent, to $38.96 a barrel in London.

TAP THE BRAKES: Used car dealership chain CarMax reported strong fourth-quarter results, but its stock lost $3.79, or 7.1 percent, to $49.50. The company said it faced a tougher sales environment in the second half of the fiscal year.

RETAIL RESULTS: Wholesale club operator Costco declined after the company disclosed its March sales. Its stock fell $4.58, or 2.9 percent, to $152.19.

Home goods seller Bed Bath & Beyond and retailer Ollie’s Bargain Hunting Outlet Holdings both traded higher after they announced their quarterly results. Bed Bath & Beyond gained 86 cents, or 1.8 percent, to $49.67 and Ollie’s climbed $2.74, or 12.1 percent, to $25.44.

METALS: The price of gold rose $13.70 or 1.1 percent, to settle at $1,237.50 an ounce and silver gained 10 cents to $15.16 an ounce. Copper plunged seven cents, or 3.1 percent, to $2.08 a pound.

GOOD FIT: HanesBrands said it will buy Champion Europe. HanesBrands owns Champion and the deal gives it control of a company that owned the Champion trademark in Europe as well as the Middle East and Africa. It recently made a similar deal in Japan unit as well. The underwear, T-shirt and sock maker’s stock added $1.08, or 4 percent, to $28.18.

EAT UP: ConAgra Foods added $1.04, or 2.3 percent, to $46.47. The maker of Chef Boyardee, Hebrew National hot dogs and other packaged foods reported third-quarter profit and sales were stronger than expected.

UNEMPLOTMENT AID: Applications for unemployment benefits fell slightly last week, according to the Labor Department. That shows employers aren’t slashing jobs even though there are signs economic growth is weak.

OVERSEAS: Germany’s DAX fell 1 percent and the CAC-40 in France shed 0.9 percent. Britain’s FTSE 100 lost 0.4 percent. In Tokyo, the Nikkei 225 advanced 0.2 percent and Hong Kong’s Hang Seng added 0.3 percent. Seoul’s Kospi added 0.1 percent.

BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.69 percent from 1.76 percent. The dollar continued to weaken against the yen, falling to 108.37 from 109.62 yen. The dollar is at its lowest price compared to the yen in almost a year and a half. The euro declined to $1.1364 from $1.1410.

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