NEW YORK >> A profit warning from McDonald's pulled stock prices lower today while the market was still smarting from fears of rising interest rates. Investors took profits from blue chips for the third straight session, giving the Dow Jones industrials their first weekly decline since Feb. 8. Investors lose appetite as
McDonald’s warnsStar-Bulletin news services
The Dow closed down 52.17 at 10,427.67 and for the week lost 179.56, or 1.7 percent, cutting short a five-week winning streak during which the index climbed 862.99, or 8.9 percent.
The Nasdaq composite index fell 17.44 to 1,851.42 and lost just under 1 percent for the week. The Standard & Poor's 500 index dropped 4.89 to 1,148.70 and posted a weekly loss of 1.5 percent. Decliners beat advancers, 1,827 to 1,311, on the New York Stock Exchange, with 193 unchanged. Volume was 1.23 billion shares.
The NYSE composite index slipped 1.73 to 600.09, the American Stock Exchange composite index fell 5.42 to 898.97 and the Russell 2000 index lost 3.05 to 502.39.
The Treasury's 2-year note fell 2/32 to 98 2332; its yield rose 5 basis points to 3.69 percent. The 10-year note fell 732 to 96 1/32; its yield rose 3 basis points to 5.40 percent. The 30-year bond fell 1032 to 93 2932; its yield rose 2 basis points to 5.81 percent.
Dow industrial McDonald's fell $1.05 to $27.65 after it warned its first-quarter profit would be below analysts' expectations, citing a weak global economy.
Meanwhile, Boyd Gaming, which runs Hawaii travel packages to Las Vegas, rose 18.9 percent after the owner of the Stardust casino said first-quarter profit will exceed analysts' estimates because of better-than-expected results at its Delta Downs Racetrack and Casino in Louisiana. The shares rose $2.27 to $14.27 today and are up 119.5 percent this year.
Travelers Property Casualty Corp.'s shares gained 5.7 percent, or $1.06, to $19.56 after the Citigroup Inc. unit raised $3.9 billion in the biggest initial public offering by an insurer.