NEW YORK (AP) — The latest on developments in financial markets (All times local):
U.S. stocks had their biggest drop this year, led by declines in banks.
Financial companies, which soared in the months since the U.S. presidential election, fell sharply Tuesday.
Bank of America sank 5.8 percent, while JPMorgan Chase and Wells Fargo each lost about 3 percent.
A drop in bond yields helped push financial stocks lower. Lower yields mean lower interest rates on mortgages and other kinds of loans.
Industrial companies and transportation stocks also fell. United Continental dropped 3.3 percent.
The Standard & Poor’s 500 index lost 29 points, or 1.2 percent, to 2,344.
The Dow Jones industrial average fell 237 points, or 1.1 percent, to 20,668. The Nasdaq composite dropped 107 points, or 1.8 percent, to 5,793.
Small-company stocks fell more than the rest of the market.
The stock market is on track for its biggest loss so far this year as banks and industrial companies move sharply lower.
Major banks were sinking along with bond yields in midday trading Tuesday. Lower yields mean lower interest rates on mortgages and other kinds of loans, which makes lending money less profitable.
Bank of America dropped 4.5 percent and KeyCorp fell 4.2 percent.
The Standard & Poor’s 500 index fell 18 points, or 0.8 percent, to 2,355.
The Dow Jones industrial average lost 149 points, or 0.7 percent, to 20,756. The Nasdaq composite dropped 63 points, or 1.1 percent, to 5,837.
Small-company stocks and transportation companies fell more than the rest of the market.
Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.423 percent.
Technology companies are leading stocks slightly higher in early trading on Wall Street.
Apple and Microsoft each rose about 1 percent in the first few minutes of trading Tuesday. Apple announced an update to its iPad tablet and a lower price.
The gains were broad. All 11 industry sectors in the Standard & Poor’s 500 index rose. In addition to tech, health care and energy companies were also doing better than the rest of the market.
The S&P 500 was up 7 points, or 0.3 percent, to end at 2,380.
The Dow Jones industrial average rose 56 points, or 0.3 percent, to 20,962. The Nasdaq composite gained 23 points, or 0.4 percent, to 5,924.
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