Stocks move broadly lower as investors turn cautious

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DAMIAN J. TROISE AP Business Writer NEW YORK (AP) — U.S. stocks moved broadly lower Thursday as investors shifted to a more cautious stance following another record high for the market a day earlier. Banks led the decline as bond yields made a significant move lower. The yield on the 10-year Treasury fell to 1.71% from 1.79% late Wednesday. Yields were already falling in the early going and were given an extra shove lower following a surprisingly weak survey on business activity in the Midwest. Industrial companies were also among the biggest losers. Caterpillar fell 2.2% and 3M slipped 1.6%. Technology stocks fell, despite solid gains from iPhone maker Apple following an encouraging earnings report. Facebook rose sharply after releasing surprisingly good third-quarter results.
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