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04/29/16 04:30:03 PM
MARKET SNAPSHOT

S&P Market Commentary

... NEW YORK (AP) The Latest on global financial markets (all times local): 4:00 p.m. Stocks are ending modestly lower on Wall Street after clawing back much of a steep loss from the middle of the day. Health care stocks led the way lower Friday as several companies turned in disappointing results. Health insurer Molina Healthcare plunged 19 percent after cutting its forecasts. The technology sector was also weak, continuing a recent trend. Apple fell another 1 percent, extending a two-week rout. Amazon soared 10 percent after reporting a big jump in revenue. The Dow Jones industrial average fell 57 points, or 0.3 percent, to 17,773. The Standard & Poor's 500 index lost 10 points, or 0.5 percent, to 2,065. The Nasdaq composite dropped 29 points, or 0.6 percent, to 4,775. The yield on the 10-year Treasury note held steady at 1.83 percent. 11:45 a.m. U.S. stocks are slipping in midday trading, while markets in Europe take hefty losses. Technology companies continued to tumble Friday after a late plunge a day earlier. Health care companies are falling after some weak first-quarter reports. Phillips 66 sank 7 percent after its earnings came in well below what analysts were looking for. Health insurer Molina Healthcare plunged 18 percent after cutting its forecasts. Amazon soared 10 percent after reporting a big jump in revenue. The Dow Jones industrial average fell 157 points, or 0.9 percent, to 17,673. The Standard & Poor's 500 index lost 20 points, or 1 percent, to 2,055. The Nasdaq composite dropped 57 points, or 1.2 percent, to 4,749. Bond prices barely budged. The yield on the 10-year Treasury note held steady at 1.83 percent. 9:35 a.m. Stocks are opening moderately lower on Wall Street as several companies turn in disappointing quarterly results. Phillips 66 sank 2 percent early Friday after its earnings came in well below what analysts were looking for. Health insurer Molina Healthcare plunged 16 percent after cutting its forecasts. Amazon bucked the downward trend and soared 10 percent after reporting a big jump in revenue and a bigger profit than investors had expected. The Dow Jones industrial average fell51 points, or 0.3 percent, to 17,777. The Standard & Poor's 500 index lost three points, or 0.2 percent, to 2,071. The Nasdaq composite slipped a point 4,804. Bond prices fell. The yield on the 10-year Treasury note rose to 1.86 percent. 11:20 a.m. European stocks are lower after official figures showed eurozone economic growth was far higher than expected in the first quarter, but that inflation had fallen back below zero. Germany's DAX was down 0.8 percent at 10,235.38 while France's CAC 40 was 1.3 percent lower at 4,499.48. Britain'sFTSE 100 was down 0.5 percent at 6,292.25. Official reports showed the 19-country eurozone grew 0.6 percent in the first quarter, above forecasts for 0.4 percent. The increase means the eurozone is now bigger than before the 2008 financial crisis. While that suggests the European Central Bank's stimulus measures are having an effect, a separate report showed the annual inflation rate fell to minus 0.2 percent in April from zero in March. The ECB is trying to get the rate to just under 2 percent. The euro was up 0.3 percent at $1.1390, while Asian stocks closed mostly lower and oil prices rose.



 

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