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 September 7, 2017 - 12:14 PM EDT
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Indices Slide as Bank Shares Drop

Indices Slide as Bank Shares Drop

U.S. stocks slipped on Thursday after banking stocks led declines and Disney dragged on the Dow after warning investors about profits.

The Dow Jones Industrials were negative 38.73 points, to 21,768.91, with Goldman Sachs and Disney weighing down the index.

The S&P 500 lost 2.65 points to 2,462.89, with financials and telecommunications leading the decline.

The NASDAQ moved higher 3.51 points to 6,396.31, with Microsoft and Amazon trading higher.

Bank of America, Citigroup and Goldman Sachs were all down more than 1%, dragging down the major indexes.

GE shares fell more than 2% after JPMorgan reaffirmed its underweight rating, saying earnings and business trends continue to deteriorate.

Its shares have performed poorly this year, declining 21% through Wednesday versus the S&P 500's 10% return.

Disney shares also fell over 2% after CEO Bob Iger said the company will report earnings-per-share this year "roughly in line" with what Disney generated in fiscal year 2016.

Financials are losing their summer gains as interest rates decline. Goldman, which reached its highest level since March on Aug. 7, has since fallen off 7.7%

Stocks rose slightly on Wednesday after President Donald Trump signaled his approval for a Democratic plan to package hurricane relief money for Hurricane Harvey to a three-month extension of both government funding and the debt ceiling.

On the data front, the U.S. Labor Department said on Thursday that non-farm productivity, which measures hourly output per worker, rose at a 1.5% annualized rate. Productivity was previously reported to have increased at a 0.9% pace in the April-June period. It grew at a 0.1% rate in the first quarter.

Prices for the benchmark 10-year Treasury note were up, lowering yields to 2.05% from Wednesday's 2.07%. Treasury prices and yields move in opposite directions.

Oil prices let go of 11 cents to $49.05.

Gold prices hiked $13.10 to $1,352.10 U.S. an ounce.


Source: Livemoney US Market Commentary (September 7, 2017 - 12:14 PM EDT)

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