Markets Right Now: Stocks trading slightly lower Wednesday
NEW YORK (AP) — The latest on developments in financial markets (All times local):
Stocks are inching lower as falling interest rates continue to put pressure on banks and energy companies also take small losses.
Bank of America fell 2.1 percent and Citigroup fell 0.6 percent Wednesday as interest rates continued to retreat from their recent highs, which reduces the profits banks make from lending.
Consumer products companies climbed. Colgate-Palmolive gained 3.1 percent and Church & Dwight picked up 2.2 percent.
Video game companies are rising after strong results from publisher Take-Two Interactive, which jumped 11.5 percent.
The Standard & Poor's 500 index fell 1 point, or 0.1 percent to 2,589.
The Dow Jones industrial average lost 13 points, or 0.1 percent, to 23,543. The Nasdaq composite was nearly unchanged at 6,767.
Stocks are opening slightly lower as banks continue to slide in tandem with interest rates.
Bank of America fell 1.5 percent on Wednesday and Citigroup fell 1 percent as interest rates continued to retreat from their recent highs, which reduces the profits banks make from lending.
Social media site Snap sank 10 percent after it reported weak user growth and a big loss in its latest quarter.
The Standard & Poor's 500 index fell 3 points, or 0.2 percent to 2,586.
The Dow Jones industrial average lost 27 points, or 0.1 percent, to 23,530. The Nasdaq composite declined 4 points to 6,763.