published on November 29, 2017 - 1:49 PM
Written by Edward Smith

(AP) — The latest on developments in financial markets (All times local):
4 p.m.

A steep drop in technology companies pulled major U.S. stock indexes mostly lower, offsetting gains in other sectors.

Several big names in the tech sector fell Wednesday. Micron slumped 8.7 percent. Tech remains the biggest winner on the market this year, up 35 percent.

Bond yields rose following a strong report on third-quarter economic growth in the U.S. That helped banks because they can charge higher interest rates on loans.

Bank of America climbed 2.3 percent.

The Standard & Poor’s 500 index fell almost 1 point, less than 0.1 percent, to 2,626.

The Dow Jones industrial average gained 103 points, or 0.4 percent, to 23,940, another record. Almost half of that gain was attributable to UnitedHealth.

The Nasdaq composite dropped 88 points, or 1.3 percent, to 6,824.

11:45 a.m.
Steep drops in technology stocks are pulling U.S. market indexes mostly lower in midday trading, offsetting gains in banks.

Several big names in the tech sector were lower Wednesday. Chipmakers Micron and Nvidia each lost about 8 percent. The sector remains by far the biggest winner on the market so far this year, up 35 percent.

Bond yields were higher following a strong report on third-quarter economic growth in the U.S. That helped banks because they can charge higher interest rates on loans.

Bank of America was up 1.9 percent.

The Standard & Poor’s 500 was down 5 points, or 0.2 percent, at 2,622.

The Dow Jones industrial average gained 50 points, or 0.2 percent, to 23,888. The Nasdaq composite dropped 106 points, or 1.5 percent, to 6,804.

9:35 a.m.
Stocks are off to a mixed start on Wall Street as more gains for banks are partially offset by losses elsewhere in the market including the technology sector.

Bond yields were higher early Wednesday, which helps banks because it allows them to charge higher interest rates on loans. Bank of America was up 1.4 percent.

Tech stocks were broadly lower. Autodesk, a software maker, plunged 13.8 percent after reporting a weak quarter and saying it would eliminate 13 percent of its work force.

The market is coming off its biggest gain since September.

The Standard & Poor’s 500 was up 2 points, or 0.1 percent, at 2,629.

The Dow Jones industrial average gained 76 points, or 0.3 percent, to 23,912. The Nasdaq fell 18 points, or 0.3 percent, to 6,893.


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