US Stocks Slip in Early Trade 02/25 09:34
U.S. stocks are slipping in early trading Tuesday, a day after the market's
biggest drop in two years. The steep sell-off on Monday erased all of the Dow
Jones Industrial Average's gains for the year.
NEW YORK (AP) -- U.S. stocks are slipping in early trading Tuesday, a day
after the market's biggest drop in two years. The steep sell-off on Monday
erased all of the Dow Jones Industrial Average's gains for the year.
Energy companies fell as crude oil prices edged lower.
Technology companies rose, reversing course from a day earlier. Intuit
climbed after following its plan to buy Credit Karma. Facebook led
communications stocks higher.
Bond prices rose. The yield on the 10-year Treasury slipped to 1.35% from
1.37% late Monday.
KEEPING SCORE: The S&P 500 index fell 0.7% as of 10:30 a.m. Eastern time.
The Dow Jones Industrial Average fell 104 points, or 0.4%, to 27,859. The
Nasdaq fell 0.4%. The Russell 200 index of smaller company stocks fell 1.2%.
NAILED IT: Home Depot rose 2.1% after the home-improvement retailer's
fourth-quarter financial results connected with Wall Street. The company
handily beat profit expectations and a reported a surprisingly good jump for a
key sales measure. It gave investors a strong profit forecast for 2020 and
raised its dividend.
GOOD KARMA: Intuit rose 3.2% after the maker of TurboTax software said it
will pay $7.1 billion for consumer finance company Credit Karma. The deal will
give one of the most well-known makers of personal finance software a website
operator that focuses on helping people monitor their credit and find loans or
VIRUS UPDATE: The viral outbreak that originated in China has now infected
more than 80,000 people globally, with more cases being reported in Europe and
the Middle East. The majority of cases and deaths remain centered in China, but
the rapid spread to other parts of the world has spooked markets and raised
fears that it will hurt the global economy.
Several more big corporate names issued warnings about the virus' potential
impact on their finances. United Airlines Holdings fell 1% after withdrawing
its financial forecasts for the year because of the impact on demand for air
travel. Mastercard slipped 1.6% after saying the impact on cross-border travel
and business could cut into its revenue, depending on the duration and severity
of the virus outbreak.