Banks, Techs Lead Stocks Lower

Banks, Techs Lead Stocks Lower

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.

KEEPING SCORE: The Dow Jones industrial average fell 157 points, or 0.9 percent, to 17,569 as of 12:08 p.m. Eastern time. The Standard & Poor's 500 index shed 20 points, or 1 percent, to 2,047. The Nasdaq composite index lost 55 points, or 1.1 percent, to 4,865.

BROAD SLUMP: Nine of the 10 industrial sectors of the S&P 500 were trading lower. For the second day in a row, telecommunications companies lagged the rest of the market. Verizon fell $1.37, or 2.6 percent, to $52.15. Goldman Sachs led banks lower, as it slid $3.48, or 2.2 percent, to $151.71 and financial services firm Charles Schwab dropped $1.14, or 4.1 percent, to $26.69. eBay led the losers among tech stocks with a decline of $1.21, or 4.8 percent, to $24.22. 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 $10.91, or 12.2 percent, to $100.46 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.

TAP THE BRAKES: Used car dealership chain CarMax reported strong fourth-quarter results, but its stock lost $2.35, or 4.4 percent, to $50.94. The company said it faced a tougher sales environment in the second half of the fiscal year.

ENERGY: After big gain a day ago, benchmark U.S. crude fell 86 cents, or 2.3 percent, to $36.89 per barrel in New York. Brent crude, used to price international oils, dropped 91 cents, or 2.3 percent, to $38.93 a barrel in London.

RETAIL RESULTS: Wholesale club operator Costco declined after the company disclosed its March sales. Itsstock fell $4.83, or 3.1 percent, to $151.94.

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 $1.77, or 3.6 percent, to $05.58 and Ollie's climbed $2.65, or 11.7 percent, to $25.35.

METALS: The price of gold rose $17.30, or 1.4 percent, to $1,241.10 an ounce and silver gained 21 cents, or 1.4 percent, to $15.26 an ounce.

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 $1.20, or 4.4 percent, to $28.30.

EAT UP: ConAgra Foods added 65 cents to $46.09. The maker of Chef Boyardee, Hebrew National hot dogs and other packaged foods reported third-quarter profit and sales were stronger than expected.

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 1.70 percent from 1.76 percent. The dollar continued to weaken against the yen, falling to 108.02 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 $1.1387 from $1.1410.

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