Stocks Dip Thursday Afternoon

(AP) -- A slide among technology companies led U.S. stock indexes slightly lower Thursday, wiping out modest gains from a day earlier. Technology stocks were down the most. Supermarket operators and other consumer-focused stocks also fell. Industrial companies and banks led the gainers. Investors were sizing up new company earnings and deal news.

KEEPING SCORE: The Standard & Poor's 500 index slipped 3 points, or 0.1 percent, to 2,505 as of 1:14 p.m. ET. The Dow Jones industrials fell 35 points, or 0.2 percent, to 22,377. Both indexes posted record highs on Wednesday. The Nasdaq composite lost 12 points, or 0.2 percent, to 6,443. The Russell 2000 index of smaller-company stocks added 3 points, or 0.2 percent, to 1,448.

YELLEN HAS SPOKEN: The stock market was coming off modest gains on Wednesday following the latest policy update from the Federal Reserve. The central bank, led by Fed Chair Janet Yellen, indicated that it remains on course to raise interest rates on several occasions over the coming year.

TECH WRECK: Investors continued to rotate out of technology stocks. Despite the pullback, the sector remains up about 25 percent to lead all other gainers in the S&P 500. Chipmaker Nvidia slid $6.58, or 3.5 percent, to $179.26. Electronic Arts fell $2.32, or 1.9 percent, to $118.02.

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BIG DECLINER: Beverage, food and supermarket companies were trading lower, part of an overall slide in consumer staples sector. Kroger slid 45 cents, or 2.2 percent, to $20.35. Dr. Pepper Snapple Group gave up $1.91, or 2.1 percent, to $89.77.

READ ENOUGH: "Harry Potter" publisher Scholastic slid 5 percent after reporting a disappointing quarter. The stock shed $1.94 to $36.57.

BIG GAINERS: Industrials companies were leading the gainers in the S&P 500 index. American Airlines Group rose $1.12, or 8 percent, to $46.54. General Electric gained 39 cents, or 1.6 percent, to $24.71.

FINANCIALS FAVORED: Banks and other financial stocks were posting gains. Citizens Financial Group added 45 cents, or 1.3 percent, to $36.24.

PAIRING UP: Calgon Carbon soared 62.1 percent after the maker of water and air filtration systems agreed to be acquired by Japanese company Kurary for $1.1 billion. The stock gained $8.20 to $21.40. Ash Grove Cement jumped 81.3 percent after saying it would be bought by CRH. Ash Grove added $231.70 to $516.70.

SERVE YOURSELF: Meal kit maker Blue Apron added 0.9 percent after a rival company, Plated, agreed to be acquired. Blue Apron has had a lousy run this year. It cut its IPO prices before it went public and started trading at $10 a share. Shares were up 9 cents to $5.31.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.27 percent.

CURRENCIES: The dollar rose to 112.42 yen from 112.38 yen on Wednesday. The euro climbed to $1.1938 from $1.1885.

ENERGY: Oil futures were headed lower. Benchmark U.S. crude was down 13 cents, or 0.3 percent, to $50.56 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 7 cents, or 0.1 percent, to $56.36 a barrel in London.

MARKETS OVERSEAS: World markets were mixed. In Europe, Germany's DAX rose 0.2 percent, while the CAC 40 in France edged up 0.5 percent. The FTSE 100 index of leading British shares slid 0.1 percent. Earlier, in Asia, Japan's benchmark Nikkei 225 added 0.2 percent as the yen weakened against the dollar. South Korea's Kospi slipped 0.2 percent and Hong Kong's Hang Seng index shed 0.1 percent.

(BE)

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