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Markets Right Now: Dow falls again as industrial stocks sink

FILE- In this Oct. 11, 2018, file photo trader Peter Mazza, left, works with trader Daniel Trimble on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, Oct. 18. (AP Photo/Richard Drew, File)

NEW YORK (AP) — 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 percent after reporting results that came in well short of forecasts. Snap-On sank 9.6 percent.

Market favorites like Netflix and Amazon also fell sharply. Netflix fell 4.9 percent and Amazon pulled back 3.3 percent.

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

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

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

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

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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 percent Thursday after its profit and sales fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.2 percent after it reported weak revenue.

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

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

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

The yield on the 10-year Treasury note rose as high as 3.22 percent, then fell back to 3.17 percent, 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 percent Thursday after its profit and sales both fell far short of analyst forecasts. Tool and diagnostic equipment company Snap-On lost 8.5 percent after it reported weak revenue.

Aluminum producer Alcoa climbed 8.1 percent 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 percent, to 2,792.

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

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

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