Markets Right Now: Stocks have their 2nd worst fall of 2017

Markets Associated Press

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

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4:00 p.m.

Stocks had their second-worst drop of the year, led by declines in technology companies, retailers and banks.

The slump Thursday brought the Standard & Poor's 500 index back to where it was on July 11. It was the biggest drop for the benchmark index since May.

Victoria's Secret owner L Brands fell 3.6 percent after cutting its full-year earnings forecast. Network equipment maker Cisco Systems sank 4 percent after issuing a disappointing outlook.

The Standard & Poor's 500 index fell 38 points, or 1.5 percent, to 2,430.

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The Dow Jones industrial average lost 273 points, or 1.2 percent, to 21,750. The Nasdaq composite plunged 123 points, or 1.9 percent, to 6,221.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent.

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11:45 a.m.

Stocks are lower in midday trading as investors fail to get excited by quarterly reports from big names like Wal-Mart and Cisco Systems.

Most industries are slipping Thursday, with some of the biggest losses going to technology and industrial companies, retailers and banks.

Victoria's Secret owner L Brands plunged 9.7 percent after cutting its full-year earnings forecast.

Network equipment maker Cisco Systems sank 4 percent after issuing a disappointing sales forecast.

The Standard & Poor's 500 index fell 15 points, or 0.6 percent, to 2,452.

The Dow Jones industrial average lost 122 points, or 0.6 percent, to 21,901. The Nasdaq composite gave up 52 points, or 0.8 percent, to 6,292.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street, led by declines in technology companies, retailers and banks.

Victoria's Secret owner L Brands plunged 5.8 percent in early trading Thursday after cutting its full-year earnings forecast.

Network equipment maker Cisco Systems sank 3.1 percent after issuing a disappointing sales forecast.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,463.

The Dow Jones industrial average slipped 55 points, or 0.3 percent, to 21,970. The Nasdaq composite lost 18 points, or 0.3 percent, to 6,326.