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Financial companies lead stock market lower

Published April 7, 2014 9:10 am

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The stock market is slipping lower at midday, led by financial companies and retailers.

Genworth Financial and Chipotle Mexican Grill were among the biggest decliners on the Standard & Poor's 500 index. Genworth fell 5 percent.

The S&P 500 index lost 14 points, or 0.8 percent, to 1,850 at midday. The Dow Jones industrial average fell 124 points, or 0.8 percent, to 16,287.

The tech-heavy Nasdaq continued its weak streak. It fell the most among major U.S. indexes, and was down 42 points, or 1 percent, to 4,086 at midday. A slump in technology stocks pulled the index down 110 points, or 2.6 percent, to 4,127 on Friday, its biggest one-day drop since February.

The yield on the 10-year Treasury note fell to 2.68 percent, from 2.73 percent late Friday.