US stocks skid in midday trading as banks, tech slump

NEW YORK (AP) — U.S. stocks are sinking early this afternoon, led by losses in banks and technology companies. Oil prices are inching lower after a 5-percent jump a day earlier.

The Dow Jones industrial average fell 157 points, or 0.9 percent, to 17,569 as of 12:08 p.m. Eastern time. The Standard & Poor's 500 index shed 20 points, or 1 percent, to 2,047. The Nasdaq composite index lost 55 points, or 1.1 percent, to 4,865.

Nine of the 10 industrial sectors of the S&P 500 were trading lower. For the second day in a row, telecommunications companies lagged the rest of the market. Verizon fell $1.37, or 2.6 percent, to $52.15. Goldman Sachs led banks lower, as it slid $3.48, or 2.2 percent, to $151.71 and financial services firm Charles Schwab dropped $1.14, or 4.1 percent, to $26.69. eBay led the losers among tech stocks with a decline of $1.21, or 4.8 percent, to $24.22. Mining and metals companies also struggled. Copper, gold and energy company Freeport-McMoRan lost 68 cents, or 7.1 percent, to $8.93.

Wynn Resorts jumped $10.91, or 12.2 percent, to $100.46 after the hotel and casino company proposed a new development. Wynn said it wants to build a recreational lake and hotel behind its Wynn Las Vegas property.

Used-car dealership chain CarMax reported strong fourth-quarter results, but its stock lost $2.35, or 4.4 percent, to $50.94. The company said it faced a tougher sales environment in the second half of the fiscal year.