US stock indexes post modest losses; bond yields slump

Associated Press

Industrial and materials companies led U.S. stocks modestly lower Wednesday on another day of subdued trading ahead of the long Easter holiday weekend.

The slide marked the second decline in a row for the stock market, extending its losses for the month.

Energy stocks also fell as oil prices snapped a six-day winning streak. Utilities, phone companies and other high-dividend stocks were among the biggest gainers. Bond prices rose, sending yields lower.

“The market is kind of on hold until we start getting earnings reports and you start to read the body language on what managements are saying,” said Thomas Martin, portfolio manager at GLOBALT Investments in Atlanta. “We’re getting this slow churning really until we start getting some information.”

Twice as many stocks fell as rose on the New York Stock Exchange, while trading in declining stocks was 2.5 times as heavy as that of stocks that closed higher.

“That’s indicative of people, once more, taking that opinion of being risk-off, or not willing to make a bet that equity prices are going to be up because of higher earnings to be reported here for the first quarter,” said Terry DuFrene, global investment specialist at J.P. Morgan Private Bank.

Companies are due to begin disclosing their latest quarterly results over the next few weeks, beginning today with several big banks.

Major stock indexes overseas were mixed.