Stocks Are Falling in Afternoon, After 5-Day Winning Streak

NEW YORK (AP) -
Specialist trader Gregg Maloney works at the post where Herbalife is traded on the floor of the New York Stock Exchange on Friday. (Reuters/Brendan McDermid)
Specialist trader Gregg Maloney works at the post where Herbalife is traded on the floor of the New York Stock Exchange on Friday. (Reuters/Brendan McDermid)

Stocks are falling in afternoon trading Friday, after a five-day winning streak that sent major indexes to record highs. Bond yields are climbing. Technology and consumer discretionary stocks are dropping the most.

KEEPING SCORE: The Dow Jones Industrial Average fell 26 points, or 0.1 percent, to 18,481 at 1:07 p.m. Eastern time. The Standard & Poor’s 500 index lost 7 points, or 0.3 percent, to 2,157. The Nasdaq composite fell 14 points, or 0.3 percent, to 5,020.

THE QUOTE: After the recent gains, “you have to be concerned. Are we going to see more slowing of the global economy?” said Bill Stone, chief investment officer at PNC Asset Management. “What is going to be the real impact of Brexit?”

SUPPLEMENT SURGE: Herbalife shares soared more than 10 percent after it agreed to pay a $200 million settlement over allegations that it deceived consumers, but avoided a more serious charge that it was operating as a pyramid scheme. The deal puts an end to a Federal Trade Commission investigation of the nutritional supplements company that had stretched over two years.

BANK BLUES: Wells Fargo fell 3 percent after the consumer-banking giant reported a drop in second-quarter earnings.

ATTACK IN FRANCE: Trading was subdued in Europe after a man drove a truck into crowds celebrating Bastille Day along the beachfront of Nice, killing at least 84 people.

EUROPE SLIPS: France’s CAC-40 was down 0.6 percent while Germany’s DAX fell 0.2 percent. Britain’s FTSE 100 was flat.

TRAVEL SLUMP: Travel-related stocks fell in the wake of the attack. Cruise operator Royal Caribbean lost $1.78, or 2.5 percent, to $70.10, and Delta Air Lines fell 97 cents, or 2.4 percent, to $40.01.

CHINA GROWTH: The Chinese government says its economy expanded at a steady 6.7 percent in the April-June period, as spending on construction by state-owned companies helped compensate for weak private-sector demand.

ASIA’S DAY: Japan’s Nikkei 225 rose 0.7 percent. The Hang Seng index in Hong Kong climbed 0.5 percent, and South Korea’s Kospi index added 0.4 percent.

ENERGY: Benchmark U.S. crude rose 19 cents to $45.87 a barrel in New York. Brent crude, a standard for international oil prices, climbed 18 cents to $47.55 a barrel.

BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.59 percent from 1.54 percent. The euro fell to $1.1076 from $1.1123, and the dollar fell to 105.35 yen from 105.43 yen.

ENERGY: Benchmark U.S. crude rose 38 cents to $46.06 a barrel in New York, while Brent crude, a standard for international oil prices, rose 44 cents to $47.81 a barrel in London.