Markets Right Now: Eight-week streak ends as stocks slip

AP

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NEW YORK (AP) The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks are closing slightly lower Friday as the market's eight-week winning streak comes to an end.

Companies that make medical devices and health care equipment declined after an analyst said Amazon may shake up their industry over the next few years. Medtronic fell 1.8 percent and Baxter International fell 2.1 percent.

Stocks finish lower for the second day in a row. That hadn't happened in a month.

Retailers climbed. J.C. Penney jump 15.3 percent after it said a key sales measurement improved.

The Standard & Poor's 500 index fell 2 points, or 0.1 percent, to 2,582.

The Dow Jones industrial average declined 39 points, or 0.2 percent, to 23,422. The Nasdaq composite index was nearly unchanged at 6,750.

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11:55 a.m.

Stocks are moving lower as health care companies take steep losses.

Medical device maker Medtronic dropped 2.5 percent Friday and drugmaker AbbVie shed 1.8 percent.

The losses are jeopardizing an eight-week winning streak for stocks.

Media companies, with Walt Disney up 2.5 percent after it said ESPN had a better quarter and announced more "Star Wars" movies.

J.C. Penney soared 15 percent after it posted a smaller loss and better sales than expected. Other retailers also rose.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,579.

The Dow Jones industrial average declined 43 points, or 0.2 percent, to 23,418. The Nasdaq composite index lost 6 points, or 0.1 percent, to 6,744.

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9:40 a.m.

Stocks opening lower as investors continue to do modest amounts of selling after Senate Republicans proposed delaying a corporate tax cut by a year.

Health care companies stumbled Friday. Prescription drug distributor Cardinal Health fell 3 percent and medical device maker Medtronic lost 1.8 percent.

The losses are jeopardizing an eight-week winning streak for stocks.

Media companies and retailers rose. Walt Disney rose 2.3 percent and J.C. Penney soared 16 percent.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,578.

The Dow Jones industrial average declined 47 points, or 0.2 percent, to 23,413. The Nasdaq composite index is down 14 points, or 0.2 percent, to 6,735.

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