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2 Big Sectors Put a Damper on Markets

Bank and energy stocks slip
By Newser Editors and Wire Services
Posted Aug 23, 2018 3:26 PM CDT
Trader Michael Milano works on the floor of the New York Stock Exchange Wednesday, Aug. 22, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks closed lower on Wall Street Thursday as a slide in banks and energy companies offset solid gains for the technology sector. The S&P 500 index fell 4 points to 2,856; the Dow Jones Industrial Average fell 76 points, or 0.3%, to 25,656; the Nasdaq composite slipped 10 points to 7,878, per the AP. Bond prices didn't move much, and the yield on the 10-year Treasury note held steady at 2.82%. Also Thursday, homebuilders declined following new data showing sales of new homes slumped in July, with Lennar falling 1.5%. Hormel Foods, which makes Spam and other products, fell 3.1% after cutting its outlook, partly because of uncertainty around trade.

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