Dow Ends Day Down 148

Drops in telecom companies lead stocks broadly lower
By Newser Editors and Wire Services
Posted Apr 30, 2018 3:00 PM CDT
Traders Michael Milano, left, and Anthony Carrannante work on the floor of the New York Stock Exchange, Monday, April 30, 2018. A burst of corporate deals and strong earnings reports helped push U.S....   (AP Photo/Richard Drew)

(Newser) – Stocks are closing broadly lower on Wall Street, led by drops in telecommunications companies, the AP reports. Phone companies had some of the biggest declines on Monday. Verizon slumped 4.3%. Sprint lost 13.7% and T-Mobile US fell 6.2% after the two companies announced another attempt to merge. Health care companies also fell. Celgene gave up 4.5% and Allergan lost 5.2%. McDonald's jumped 5.8% after reporting higher earnings and revenue than analysts expected. The S&P 500 index fell 21 points, or 0.8%, at 2,648. The Dow Jones industrial average lost 148 points, or 0.6%, to 24,163. The Nasdaq composite fell 53 or 0.8%, to 7,066.

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