NEW YORK — The latest on developments in global financial markets (all times local):
The stock market stumbled to its biggest loss since June as traders worried that interest rates may finally be heading higher.
Stocks that had the most to lose from higher rates suffered the most in the sell-off Friday.
Utilities and phone stocks, which investors have sought out this year for their high dividends, fell far more than the rest of the market. AT&T slumped 3.6 percent.
Energy companies, which have also gained a lot this year, took a drubbing as the price of crude oil slumped. Diamond Offshore Drilling dropped 10 percent.
The Dow Jones industrial average lost 394 points, or 2.1 percent, to 18,085.
The Standard & Poor’s 500 index shed 53 points, or 2.5 percent, to 2,127. The Nasdaq composite fell 133 points, or 2.5 percent, to 5,125.
Stocks are falling broadly on Wall Street in midday trading as investors consider the likelihood that the Federal Reserve will raise its key interest rate this year.
The biggest declines Friday came in high-dividend stocks like utilities and phone companies, which would suffer the most if interest rates rise.
Those stocks have been in favor among investors seeking income while interest rates and bond yields remained ultra-low. AT&T and Verizon each fell 2 percent.
The Dow Jones industrial average lost 217 points, or 1.2 percent, to 18,257.
The Standard & Poor’s 500 index shed 29 points, or 1.4 percent, to 2,151. The Nasdaq composite fell 74 points, or 1.4 percent, to 5,184.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.67 percent.
Stocks are opening lower on Wall Street, led by utilities and consumer goods companies.
Utilities stocks lagged the market early Friday as bond yields moved higher.
Energy stocks also fell as the price of oil gave back some of its recent gains. NRG Energy fell 2.8 percent and Transocean fell 2.6 percent.
The Dow Jones industrial average lost 146 points, or 0.8 percent, to 18,333.
The Standard & Poor’s 500 index shed 17 points, or 0.8 percent, to 2,163. The Nasdaq composite fell 39 points, or 0.8 percent, to 5,218.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.65 percent.