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
Dow Ends Day Down 148
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. stock indexes higher in early trading Monday.    (AP Photo/Richard Drew)

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. (Read more stock market stories.)

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