Markets Right Now: Dow down 500 as stocks sink steadily

02-09 01:35

Trader Michael Milano, right, works on the floor of the New York Stock Exchange, Thursday, Feb. 8, 2018. U.S. stocks are lower Thursday morning as losses from the previous day continue. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

12:27 p.m.

The Dow Jones industrials are down 500 points, extending the market's losses.

The market opened little changed on Thursday but started to fall in early trading and extended its losses throughout the morning. The losses were steady, unlike the sharp swings seen over the past few days.

The benchmark Standard & Poor's 500 index is now down 8 percent from the record high it set January 26. It's still up 15 percent over the past year.

Technology companies, the leading sector over the past year, and banks fell the most. Microsoft lost 2.3 percent.

The Dow was down 501 points, or 2 percent, to 24,397.

The S&P 500 gave up 44 points, or 1.7 percent, to 2,637. The Nasdaq composite lost 125 points, or 1.8 percent, to 6,926.

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11:45 a.m.

Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row.

The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on.

Technology companies, the leading sector over the past year, and banks fell the most. Microsoft and JPMorgan Chase each lost 1.7 percent.

The losses, which began last Friday, put the benchmark Standard & Poor's 500 index almost 8 percent below the record high it set two weeks ago.

The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491.

The broader S&P 500 lost 34 points, or 1.3 percent, to 2,647. The Nasdaq composite lost 101 points, or 1.4 percent, to 6,947.

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9:35 a.m.

Stocks are mixed in the early going as traders digest a batch of company earnings reports.

Twitter soared 26 percent early Thursday after reporting its first-ever quarterly profit.

Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts. The company also issued a disappointing forecast.

Roomba maker iRobot plunged 24 percent after its earnings fell far short of what investors were expecting.

The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.

The Dow Jones industrial average fell 98 points, or 0.4 percent, to 24,800. The Nasdaq composite edged up 10 points, or 0.2 percent, to 7,061.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.87 percent.

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