Markets Right Now: Stocks end slightly lower on Wall Street
The latest on developments in financial markets (all times local):
Stocks are ending slightly lower on Wall Street but still managed to eke out a small gain for the week.
Higher bond yields drove down prices for high-dividend stocks like utilities and real estate companies Friday. PG&E fell 1.9 percent and Simon Property Group lost 2 percent.
Companies that rely on consumer spending also had a rough day. Cable TV and entertainment company Comcast lost 1.8 percent and Best Buy gave up 2.4 percent.
The S&P 500 index fell 2 points, or 0.1 percent, to 2,801.
The Dow Jones Industrial Average slipped 6 points to 25,058. The Nasdaq composite fell 5 points, or 0.1 percent, to 7,820.
Small-company stocks did worse than the rest of the market.
Bond prices fell. The yield on the 10-year Treasury rose to 2.90 percent.
Stock indexes are edging higher on Wall Street as Microsoft leads gains for the technology sector.
Microsoft rose 2.5 percent Friday after reporting a strong quarter for its cloud computing division.
Industrial conglomerate Honeywell was also up 4.1 percent after easily beating analysts’ profit forecasts.
State Street sank 6.8 percent after delivering weak results and announcing an acquisition.
The S&P 500 index rose 3 points, or 0.1 percent, to 2,808.
The Dow Jones Industrial Average rose 45 points, or 0.2 percent, to 25,110. The Nasdaq composite rose 22 points, or 0.3 percent, to 7,847.
Small-company stocks lagged the rest of the market.
Bond prices fell. The yield on the 10-year Treasury rose to 2.89 percent.
Stocks are opening mostly lower on Wall Street as investors react to some disappointing earnings reports.
Banks and industrial companies led the way lower in early trading on Friday.
State Street slumped 7 percent after missing analysts’ profit forecasts and announcing an acquisition, and General Electric dropped 3 percent after issuing a weak outlook.
Shoe maker Skechers plunged 26 percent after missing Wall Street’s earnings estimates.
Microsoft rose 3 percent after reporting a strong quarter.
The S&P 500 index fell 1 point, less than 0.1 percent, to 2,802.
The Dow Jones Industrial Average lost 50 points, or 0.2 percent, to 25,012. The Nasdaq composite rose 10 points, or 0.1 percent, to 7,833.