US Stocks Sink in Early Trade

US Stocks Sink in Early Trade

NEW YORK (AP) -- U.S. stocks are sinking broadly Thursday morning. Banks and mining and metals companies are taking some of the biggest losses. Oil prices are inching lower after a 5 percent jump a day earlier.

KEEPING SCORE: The Dow Jones industrial average fell 100 points, or 0.6 percent, to 17,615 as of 10:04 a.m. Eastern time. The Standard & Poor's 500 index shed 10 points, or 0.5 percent, to 2,056. The Nasdaq composite index lost 28 points, or 0.6 percent, to 4,892.

HANGING UP: Telecommunications companies fell more than the rest of the market for the second day in a row. Verizon fell $1.17, or 2.2 percent, to $52.35. Mining, metals and chemicals companies also fell. Copper, gold and energy company Freeport-McMoRan lost 38 cents, or 4 percent, to $9.23 and chemicals maker DuPont gave up 74 cents to $62.76.

WYNN-ING: Wynn Resorts jumped $9.45, or 10.6 percent, to $99 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.

RETAIL RESULTS: 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 $2.94, or 6 percent, to $51.75 and Ollie's climbed $2.60, or 11.5 percent, to $25.30.

However wholesale club operator Costco declined after the company disclosed its March sales. Its stock fell $3.64, or 2.3 percent, to $153.13.

ENERGY: After big gains a day ago, benchmark U.S. crude edged down 38 cents to $37.37 per barrel in New York. Brent crude, used to price international oils, dropped 57 cents, or 1.4 percent, to $39.27 a barrel in London.

METALS: The price of gold rose $19.90, or 1.6 percent, to $1,243.70 an ounce and silver gained 29 cents, or 1.9 percent, to $15.34 an ounce.

EAT UP: ConAgra Foods added 56 cents to $45.99. 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 0.6 percent and the CAC-40 in France shed 0.5 percent. Britain's FTSE 100 lost 0.3 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 1.72 percent from 1.76 percent. The dollar continued to weaken against the yen, falling to 108.20 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 $1.1350 from $1.1410.

(KA)