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Markets Right Now: Dow falls again as industrial stocks sink

Markets Right Now: Dow falls again as industrial stocks sink

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

4 p.m.

Stocks are closing broadly lower on Wall Street after erasing part of an earlier plunge.

Industrial companies sustained some of the biggest losses Thursday after several of them reported dismal results.

Aircraft maker Textron dropped 11.3 per cent after reporting results that came in well short of forecasts. Snap-On sank 9.6 per cent .

Market favourites like Netflix and Amazon also fell sharply. Netflix fell 4.9 per cent and Amazon pulled back 3.3 per cent .

European markets also fell as European leaders criticized Italy's spending plans.

The S&P 500 fell 40 points, or 1.4 per cent , to 2,768.

The Dow Jones Industrial Average lost 327 points, or 1.3 per cent , to 25,379. The Nasdaq gave up 157 points, or 2.1 per cent , to 7,485.

The yield on the 10-year Treasury spiked earlier but eased back to 3.18 per cent .

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11:45 a.m.

Stocks are dropping on Wall Street as industrial companies drop following some disappointing third-quarter reports.

Aircraft maker Textron dropped 9 per cent Thursday after its profit and sales fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.2 per cent after it reported weak revenue.

Technology and internet companies also fell sharply. Apple and Microsoft each fell 2.3 per cent , and Amazon gave up 2.5 per cent .

The S&P 500 index fell 39 points, or 1.4 per cent , to 2,769.

The Dow Jones Industrial Average lost 347 points, or 1.3 per cent , to 25,367. The Nasdaq composite gave up 142 points, or 1.9 per cent , to 7,503.

The yield on the 10-year Treasury note rose as high as 3.22 per cent , then fell back to 3.17 per cent , about even with late Wednesday.

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9:35 a.m.

U.S. stocks are opening mostly lower as interest rates rise and industrial companies drop following some disappointing third-quarter reports.

Aircraft maker Textron dropped 10 per cent Thursday after its profit and sales both fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.5 per cent after it reported weak revenue.

Aluminum producer Alcoa climbed 8.1 per cent after a solid quarter. It also said it will buy back $200 million in stock.

The S&P 500 index fell 16 points, or 0.6 per cent , to 2,792.

The Dow Jones Industrial Average lost 160 points, or 0.6 per cent , to 25,543. The Nasdaq composite gave up 48 points, or 0.6 per cent , to 7,594.

Bond prices sank. The yield on the 10-year Treasury note rose to 3.21 per cent .

The Associated Press