LIVE EVENT Listen at 1:30 p.m. as President Obama delivers his end of the year news conference.

An early rally fades on the US stock market

NEW YORK (AP) — U.S. stocks are turning mostly lower in midday trading, erasing an early gain.

Genworth Financial sank 12 percent and Goodyear Tire & Rubber fell 7 percent after turning in results that disappointed investors.

The Standard & Poor’s 500 index fell five points, or 0.3 percent, to 1,964 as of noon Eastern time Wednesday.

The Dow Jones industrial average lost 84 points, or 0.5 percent, to 16,827. The Nasdaq composite edged up six points to 4,449.

Phone and utility companies fell the most in the S&P 500 index.

Bond prices fell after the U.S. government reported surprisingly strong growth in the economy this spring.

The yield on the 10-year Treasury note jumped to 2.53 percent from 2.46 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Advertiser Content