published on May 3, 2018 - 1:41 PM
Written by Associated Press

(AP) — The latest on developments in financial markets (all times local):

4 p.m.
Losses for health care companies and banks left stocks lower, although a late push for technology and industrial companies helped the market avoid a steeper decline.

The Dow Jones industrial average managed a tiny gain, thanks to a rise in Boeing, erasing an earlier loss of 393 points.

AIG slumped 5.3 percent and prescription drug distributor Cardinal Health plunged 21.4 percent.

Tesla fell 5.5 percent after reporting a big loss. Investors were puzzled when CEO Elon Musk mocked questions from analysts during the company’s conference call.

The S&P 500 index slid 5 points, or 0.2 percent, to 2,629.

The Dow edged up 5 points to 23,930. The Nasdaq fell 12 points, or 0.2 percent, to 7,088.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent.

11:45 a.m.
Stocks are skidding again on Wall Street as the market continues a sell-off that began late the previous day.

Big losses for insurer AIG are hurting financial stocks Thursday, while Cardinal Health tumbles and takes the health care sector lower.

Tesla sank 8.3 percent after the electric car maker posted another big loss. CEO Elon Musk was dismissive with analysts on a conference call, calling one question “boring.”

The S&P 500 index slid 34 points, or 1.3 percent, to 2,601.

The Dow Jones industrial average fell 350 points, or 1.5 percent, to 23,571. The Nasdaq composite fell 88 points, or 1.2 percent, to 7,012.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.93 percent.

9:35 a.m.
Stocks are opening broadly lower on Wall Street, putting the market on track for its third decline this week.

Financial companies and health care stocks contributed the most to the declines in early trading on Thursday.

AIG slumped 8.4 percent and Cardinal Health, a drug distributor, sank 14.5 percent. Both companies reported weak results for their latest quarter.

Electric car maker Tesla dropped 6.2 percent after reporting another quarter of heavy cash burn.

The S&P 500 index slid 17 points, or 0.7 percent, to 2,618.

The Dow Jones industrial average fell 181 points, or 0.7 percent, to 23,748. The Nasdaq composite fell 43 points, or 0.6 percent, to 7,057.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent.


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