Banks, Insurers Weigh on Stock Market

Stocks closed mixed Thursday
By Newser Editors and Wire Services
Posted Sep 7, 2017 3:19 PM CDT
US stocks edged lower in early trading Thursday, Sept. 7, 2017, pulled down by insurers and other financial companies as investors weighed the prospects of big losses for the sector from Hurricane Irma.   (AP Photo/Mary Altaffer, File)

(Newser) – Stocks are closing mixed Thursday as losses for banks and insurers are partly offset by gains in health care and technology companies, the AP reports. Banks fell along with bond yields, which tends to force interest rates on loans lower. Insurance companies fell as investors weighed the prospects of losses caused by Hurricane Irma, which is projected to hit Florida this weekend. Berkshire Hathaway, a big insurance provider, fell 1.6%. Barnes & Noble sank 9.6% after reporting weak results.

The Standard & Poor's 500 index fell less than a point to 2,465. The Dow Jones industrial average lost 22 points, or 0.1%, to 21,78. The Nasdaq edged up 4 points, or 0.1%, to 6,397. Bond prices rose. The yield on the 10-year Treasury fell to 2.05%. (Read more stock market stories.)

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