Winning streak for stocks fades as banks and miners slump

  • 2/5/2023
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NEW YORK, Ramadan 4, 1437, Jun 9, 2016, SPA -- U.S. stocks are taking small losses Thursday as a three-day winning streak fades. A decline in bond yields is sending bank stocks lower, while utilities and phone companies jump. Mining and metals companies are also falling, according to AP. KEEPING SCORE: The Dow Jones industrial average slid 14 points, or 0.1 percent, to 17,990 as of 3:30 p.m. Eastern time. The Standard & Poor's 500 index lost 3 points, or 0.2 percent, to 2,114. The Nasdaq composite declined 14 points, or 0.3 percent, to 4,961. Stocks are still up for the week, and over the last few days the S&P 500 has reached its highest levels since last July. Oil prices have done the same. BANKS BONK: Bond prices rose, sending the yield on the 10-year U.S. Treasury note down to 1.68 percent from 1.70 percent a day earlier. Lower bond yields drive down interest rates on mortgages and other kinds of loans, making them less profitable for banks. Mortgage agency Freddie Mac reported that mortgage rates fell this week after three weeks of increases. Freddie Mac said the average 30-year fixed-rate mortgage slipped to 3.60 percent from 3.66 percent last week. A year ago the rate was 4.04 percent. Bank of America gave up 25 cents, or 1.7 percent, to $14.18 and Capital One fell $1.17, or 1.6 percent, to $70.93. METAL MISERY: Mining and chemicals companies also weakened. Copper and gold producer Freeport-McMoRan fell 74 cents, or 6.4 percent, to $10.84 and Eastman Chemical fell $2.03, or 2.8 percent, to $71.59. OIL: U.S. crude shed 67 cents, or 1.3 percent, to $50.56 a barrel in New York. Brent crude, the benchmark for international oil prices, fell 56 cents, or 1.1 percent, to $51.95 a barrel in London. -- SPA 22:55 LOCAL TIME 19:55 GMT www.spa.gov.sa/w

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