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Markets Right Now: Grocers plunge on Amazon deal; Dow gains

Posted June 16

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

4:00 p.m.

Major stock indexes eked out tiny gains after spending much of the day in the red, but grocery stores and retailers plunged on concern about new competition as Amazon said it would buy Whole Foods.

Kroger dropped 9 percent Friday and Target, Walgreens and Wal-Mart each lost about 5 percent.

Whole Foods' stock soared 29 percent. Amazon's rose 2.4 percent.

The Standard & Poor's 500 index edged up a fraction to 2,433.

The Dow Jones industrial average rose 24 points, or 0.1 percent, to 21,384, another record high close. The Nasdaq composite gave up 13 points, or 0.2 percent, to 6,151.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.15 percent.

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11:45 a.m.

Major U.S. indexes are slightly lower in midday trading on Wall Street, but grocery stores and other retailers are plunging after Amazon said it would buy Whole Foods.

Kroger dropped 12 percent Friday, Target sank 8 percent and United Natural Foods lost 11 percent. Wal-Mart slumped 5 percent.

Whole Foods' stock soared 27 percent. Amazon's rose 3 percent.

The Standard & Poor's 500 index fell 3 points, or 0.1 percent, to 2,428.

The Dow Jones industrial average slipped 2 points to 21,356. The Nasdaq composite gave up 20 points, or 0.3 percent, to 6,144.

Small-company stocks fell more than the rest of the market. The Russell 2000 index fell 9 points, or 0.7 percent, to 1,400.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.15 percent.

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9:35 a.m.

Major U.S. indexes are slightly lower in early trading on Wall Street, but grocery stores and other retailers are plunging after Amazon said it would buy Whole Foods Market.

Kroger dropped 14 percent early Friday, while Target sank 12 percent and United Natural Foods sank 20 percent.

Whole Foods' stock was halted. Amazon's rose 3 percent.

The Standard & Poor's 500 index fell 3 points, or 0.1 percent, to 2,429.

The Dow Jones industrial average gave up 16 points, or 0.1 percent, to 21,342. The Nasdaq composite gave up 19 points, or 0.3 percent, to 6,146.

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