Specialist Peter Mazza, left, and trader Anthony Carannante work on the floor of the New York Stock Exchange, Wednesday, Oct. 24, 2018. Stocks are off to a mixed start on Wall Street as gains for Boeing and other industrial companies are offset by losses elsewhere in the market. (AP Photo/Richard Drew)

Markets Right Now: Stocks plunge, erasing gains for the year

October 24, 2018 - 3:09 pm

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

4 p.m.

Stocks are closing sharply lower on Wall Street, led by a swoon in technology companies. The S&P 500 and the Dow Jones Industrial Average erased their gains for the year.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday. Netflix gave back 9.4 percent and Amazon dropped 5.9 percent.

Several companies sustained heavy drops after reporting disappointing results. Texas Instruments, a major chipmaker, slumped 8.2 percent and AT&T fell 8.1 percent.

The technology-heavy Nasdaq composite is now 12.3 percent below its August peak.

The S&P 500 index fell 84 points, or 3.1 percent, to 2,656.

The Dow fell 608 points, or 2.4 percent, to 24,583. The Nasdaq composite gave up 329 points, or 4.4 percent, to 7,108.

Bond prices rose, sending yields lower.

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11:45 a.m.

Stocks are turning broadly lower in midday trading on Wall Street, extending a losing streak for the S&P 500 index to a sixth day.

Several big companies were falling Wednesday after reporting disappointing quarterly results.

Texas Instruments, a major chipmaker, slumped 3.6 percent after its results missed forecasts. UPS fell 3 percent.

Technology and media and communications companies also fell. AT&T dropped 6.2 percent.

Boeing jumped 3.3 percent after beating analysts' earnings forecasts.

The S&P 500 index fell 16 points, or 0.6 percent, to 2,724.

The Dow Jones Industrial Average fell 50 points, or 0.2 percent, to 25,138. The Nasdaq composite gave up 75 points, or 1 percent, to 7,362.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as gains for Boeing and other industrial companies are offset by losses elsewhere in the market.

Boeing jumped 2.2 percent in early trading Wednesday after beating analysts' earnings forecasts and raising its estimates for the year, citing faster orders for aircraft.

Texas Instruments, a major chipmaker, slumped 5.5 percent after its results missed forecasts.

The S&P 500 index fell 4 points, or 0.2 percent, to 2,736.

The Dow Jones Industrial Average was higher thanks to the gain in Boeing. The 30-stock index rose 71 points, or 0.3 percent, to 25,259. The Nasdaq composite gave up 9 points, or 0.1 percent, to 7,427.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.

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