Stocks turn lower in midday trading

NEW YORK (AP) — Stocks are taking a downward turn in midday trading, led by steep declines in banks as interest rates fall.

Wells Fargo slumped 2.6 percent Thursday and Bank of America gave back 2.3 percent.

Banks fell the most in the Standard & Poor’s 500 index as bond yields moved lower. Lower interest rates make it harder for banks to make money from lending.

Several retailers were also taking sharp losses. Kohl’s plunged 20 percent and Macy’s dropped 14 percent. Both reported weak holiday sales and cut their profit forecasts.

The Dow Jones industrial average fell 115 points, or 0.6 percent, to 19,817.

The Standard & Poor’s 500 index lost 9 points, or 0.4 percent, to 2,261. The Nasdaq composite declined 9 points, or 0.2 percent, to 5,468.