Markets Right Now: Falling tech stocks wipe out other gains

By The Associated Press Markets Associated Press

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

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4:00 p.m.

Gains for banks and media companies are mostly outweighing losses elsewhere in the market, leaving stock indexes little changed by the end of trading on Wall Street.

Cable companies were a big focus for investors Monday. Charter Communications jumped 6 percent following reports that Japanese technology company SoftBank might make an offer for it.

Scripps Networks Interactive, which operates HGTV, rose 0.6 percent after agreeing to be acquired by Discovery Communications.

Technology companies fell. Facebook dropped 1.9 percent.

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Among banks, Citigroup rose 1. percent.

The Standard & Poor's 500 index edged down 1 point to 2,470.

The Dow Jones industrial average rose 60 points, or 0.3 percent, to 21,891. The Nasdaq fell 26 points, or 0.4 percent, to 6,348.

More stocks rose than fell on the New York Stock Exchange.

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11:45 a.m.

U.S. stocks are mostly lower in midday trading as Facebook and other technology companies open the week with losses.

Media companies are rising Monday following a report that Charter Communications might be bought by a Japanese technology company, while cable companies Scripps Networks and Discovery Communications agree to combine.

High-dividend companies are falling and banks and industrial companies are higher.

HSBC gained 2.4 percent. The bank said higher interest rates helped it make more money for its lending business.

The Standard & Poor's 500 index was little changed at 2,472.

The Dow Jones industrial average gained 80 points, or 0.4 percent, to 21,910. The Nasdaq composite fell 16 points, or 0.3 percent, to 6,358.

More stocks fell than rose on the New York Stock Exchange.

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9:35 a.m.

U.S. stocks are starting the week higher as media companies gain.

Scripps Networks, the company behind HGTV and the Food Channel, gained 1.1 percent Monday after it agreed to be bought by Discovery Communications for $14.6 billion, or $90 per share.

Discovery shares lost 4.2 percent.

Charter Communications jumped 6.1 percent after the Wall Street Journal said Charter isn't interested in buying Sprint.

HSBC gained 1.8 percent. The bank said higher interest rates helped it make more money for its lending business. It will also buy back $2 billion in stock.

The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,477.

The Dow Jones industrial average gained 60 points, or 0.3 percent, to 21,890. The Nasdaq composite picked up 19 points, or 0.3 percent, to 6,394.