Wall Street worries send markets lower
In midday trade in New York on Thursday, the equities markets were lower as retailers were mixed and banks were down.
The Dow Jones Industrial Average had dropped 0.4 percent to 11,013.50 by mid-session, and the Nasdaq Composite and the S&P 500 had lost 0.3 percent each, to 2,307.93 and 1,287.43 respectively.
Higher bond yields and continuing worries over interest rates sent the banking sector lower. Citigroup and Bank of America each lost 0.9 percent, with Citigroup trading at $46.12 and Bank of America at $45.12. Wells Fargo dropped 1.4 percent to $63.80.
In the retail sector, clothing retailers were generally lower, while department stores and discounters had a better day. On a report of same-store growth, Costco Wholesale was up 0.8 percent to $52.60, while Kohl’s gained 1.1 percent to $49.30 after reporting a rise of 3.4 percent in sales. But the Gap dropped 2.7 percent to $18.15 after it revealed that sales were down 11 percent in February. Meanwhile, Abercrombie & Fitch was down 10.3 percent to $60.35 on a report that same-store sales were up by only 5 percent on February, much less than the 14 percent that had been forecast.
The energy sector was up on higher crude oil prices, with energy providers in the lead. Halliburton added 3.5 percent to $71.81, while Schlumberger gained 2.2 percent to $120.70.
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