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.