US stocks move lower following drop in durable goods
NEW YORK (AP) — U.S. stock indexes are moving lower, bringing the market further below record highs reached earlier this month.
Kraft soared 40 percent Wednesday after reaching a deal to be acquired by ketchup maker Heinz.
The Standard & Poor's 500 fell 15 points, or 0.7 percent, to 2,076 as of 11:45 a.m. Eastern. The index is 2 percent below the all-time high it reached March 2.
The Dow Jones industrial average lost 170 points, or 1 percent, to 17,836. The Nasdaq slid 71 points, or 1.4 percent, to 4,923.
Eight of the 10 industry sectors in the S&P 500 index fell.
Traders were discouraged to see that orders for long-lasting manufactured goods fell in February for the third time in four months.
The yield on the 10-year Treasury rose to 1.89 percent.