US stocks slide further as banks and energy companies sink

NEW YORK (AP) — U.S. stock indexes are slipping for the second day in a row Wednesday as banks and small-company stocks continue to take steep losses. Energy companies are falling as the price of oil slides almost 4 percent. That’s canceling out gains for drug companies and household products makers.

KEEPING SCORE: The Standard & Poor’s 500 index lost 5 points, or 0.2 percent, to 2,408 as of 11:25 a.m. Eastern time. The Dow Jones industrial average dropped 29 points, or 0.1 percent, to 21,000. The Nasdaq composite fell 17 points, or 0.3 percent, to 6,186. The Russell 2000 index of small-company stocks again did worse than the other major indexes. It retreated 8 points, or 0.6 percent, to 1,363.

BONDS: Bond prices rose, pushing yields lower. The yield on the 10-year Treasury note fell to 2.20 percent from 2.21 percent. Banks stocks continued to fall. Declining bond yields push interest rates on long-term loans lower, which hurts banks’ profits. JPMorgan Chase fell $1.47, or 1.7 percent, to $82.43 and Capital One slumped $1.68, or 2.1 percent, to $76.60. Other financial institutions also traded lower, including Goldman Sachs, which gave up $6.50, or 3 percent, to $211.92.

ENERGY: Benchmark U.S. crude lost $1.83, or 3.7 percent, to $47.83 a barrel in New York. Brent crude, the standard for international oil prices, fell $1.94, or 3.7 percent, to $50.30 a barrel in London. Energy stocks continued to decline. Chevron sank 76 cents to $103.30 and pipeline operator Williams Cos. shed 50 cents, or 1.7 percent, to $28.19.

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FEELING BETTER: Some of the largest moves came from drugmakers. Pfizer rose 59 cents, or 1.8 percent, to $32.72 and Irish drugmaker Perrigo climbed $3.42, or 5 percent, to $71.34 after its first-quarter report was better than expected. Biotech companies Regeneron rose $5.62, or 1.3 percent, to $454.29 and Vertex added $2.61, or 2.2 percent, to $123.


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