Markets Right Now: Stocks closing lower; Apple surges

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

4:00 p.m.

Stocks are closing mostly lower following a late slump Wednesday, as Apple jumped but health care and food and drink makers fell.

Apple advanced 4.4 percent after it announced a $100 billion stock buyback and met Wall Street's estimates in its fiscal second quarter.

In health care, drugmaker Gilead Sciences dropped 8.2 percent.

Beer brewer Molson Coors tumbled 15.4 percent after it said U.S. sales slowed.

The S&P 500 index slid 19 points, or 0.7 percent, to 2,635.

The Dow Jones industrial average was down 174 points, or 0.7 percent, at 23,924. The Nasdaq composite fell 29 points, or 0.4 percent, to 7,100.

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11:55 a.m.

Stocks are mixed at midday as Apple jumps, but health care and food and drink makers fall.

Apple advanced 4 percent Wednesday after it announced a $100 billion stock buyback and met Wall Street's estimates in its fiscal second quarter.

In health care, drugmaker Gilead Sciences dropped 6.8 percent. Beer brewer Molson Coors tumbled 12.3 percent after it said U.S. sales slowed.

Smaller companies fared better than larger ones and most of the stocks on the New York Stock Exchange rose.

The S&P 500 index slid 11 points, or 0.4 percent, to 2,643.

The Dow Jones industrial average was down 101 points, or 0.4 percent, at 23,997. The Nasdaq composite rose 6 points, or 0.4 percent, to 7,114.

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9:35 a.m.

Stocks are opening moderately lower as Wall Street reacts to another big round of company earnings.

Gilead Sciences fell 7 percent Wednesday after its hepatitis C drug sales weakened in the first quarter, dragging down the health sector.

Apple shares jumped 3.2 percent after announcing a $100 billion stock repurchase and solid quarterly results.

Bond yields are little changed as investors expect the Federal Reserve to leave interest rates unchanged when it wraps up its latest meeting this afternoon.

The S&P 500 index slid 5 points or 0.2 percent to 2,649.

The Dow Jones industrial average was down 11 points, or 0.1 percent, at 24,083. The Nasdaq composite lost 11 points, or 0.2 percent, to 7,118.