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Markets Right Now: Banks, tech lead US stocks lower

Posted September 5

— The latest on developments in financial markets (All times local):

4 p.m.

The stock market had its biggest drop in almost three weeks, led by banks and technology companies.

The decline Tuesday follows back-to-back weekly gains. Traders were assessing the growing tensions with North Korea, which conducted another test over the weekend.

Energy companies rose along with the price of crude oil.

Bank of America slumped 3.2 percent and Schlumberger rose 2.8 percent.

The Standard & Poor's 500 index fell 19 points, or 0.8 percent, to 2,457.

The Dow Jones industrial average gave up 234 points, or 1.1 percent, to 21,753. The Nasdaq composite dropped 59 points, or 0.9 percent, to 6,375.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.07 percent.

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11:45 a.m.

Banks are leading U.S. stocks lower in midday trading as investors return from the Labor Day holiday weekend and weigh the growing tensions between the U.S. and North Korea.

Technology stocks, which have been the biggest gainer this year, are also down sharply. Energy companies are bucking the slide as the price of crude oil heads higher.

Bank of America lost 2.4 percent and Qualcomm fell 3.4 percent.

U.S. stocks are coming off back-to-back weekly gains.

The Standard & Poor's 500 index fell 12 points, or 0.5 percent, to 2,463.

The Dow Jones industrial average gave up 143 points, or 0.7 percent, to 21,844. The Nasdaq composite dropped 39 points, or 0.6 percent, to 6,396.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.09 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street as traders return from the Labor Day holiday weekend.

Banks and technology companies fell more than the rest of the market Tuesday. Bank of America lost 1.5 percent and Nvidia fell 1.9 percent.

U.S. stocks are coming off back-to-back weekly gains.

The Standard & Poor's 500 index fell 8 points, or 0.4 percent, to 2,467.

The Dow Jones industrial average gave up 102 points, or 0.5 percent, to 21,887. The Nasdaq composite slipped 26 points, or 0.4 percent, to 6,408.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.11 percent.

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