NEW YORK — The latest on developments in global financial markets (all times local):
Stocks are closing broadly lower on Wall Street after an early gain faded away.
Utilities and phone companies fell the most Tuesday as bond yields rose sharply, diminishing the appeal of those sectors as sources of income. AT&T lost 2 percent.
Bank stocks bucked the downward trend in the market and moved higher. Citigroup rose 1.5 percent. Higher interest rates will mean higher profits from lending for banks.
The price of gold fell sharply.
The Dow Jones industrial average fell 85 points, or 0.5 percent, to 18,168.
The Standard & Poor’s 500 index fell 10 points, or 0.5 percent, to 2,150. The Nasdaq composite fell 11 points, or 0.2 percent, to 5,289.
Bond prices fell sharply. The yield on the 10-year Treasury note rose to 1.69 percent.
Stocks are mostly lower after an early gain faded away.
Nine of the 11 sectors of the Standard and Poor’s 500 index are lower in midday trading Tuesday.
High-dividend stocks like utilities and phone companies, some of the market’s biggest gainers over the past year, fell the most. Bond yields were higher, giving investors seeking income an alternative to holding those stocks.
Darden Restaurants, which owns Olive Garden, rose 1 percent after reported that its earnings and sales jumped.
The Dow Jones industrial average was down 32 points, or 0.2 percent, to 18,222.
The Standard & Poor’s 500 index fell 4 points, or 0.2 percent, to 2,156. The Nasdaq composite was up a point at 5,301.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.67 percent.
Stocks are opening higher on Wall Street, led by gains in the technology sector.
Apple was up 1.4 percent in early trading Tuesday, the biggest increase in the Dow Jones industrial average.
Darden Restaurants was also among the early gainers after the company, which owns the Olive Garden chain, reported that its earnings and sales jumped in the most recent quarter. The company also raised its forecast for the year said it would buy back more stock.
The Dow rose 41 points, or 0.2 percent, to 18,295.
The Standard & Poor’s 500 index gained 3 points, or 0.2 percent, to 2,164. The Nasdaq composite climbed 19 points, or 0.4 percent, to 5,319.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.63 percent.