U.S. stock benchmarks fell at the start of trade on Monday, resuming a retreat for the major benchmarks that resulted in the worst weekly losses since March. The decline for stocks come after an iconic retailer announced that it was filing from protection from creditors and as banks rolled out third-quarter results. The Dow Jones Industrial Average slipped by 52 points, or 0.2%, at 25,289, the S&P 500 index declined by about 0.2% at 2,758. Meanwhile, the Nasdaq Composite Index fell about 0.7% to 7,443. In corporate news, Bank of America Corp. (BAC)reported third-quarter results ( ) that beat expectations ahead of the market's official open. Separately, retailer Sears Holdings Corp. (SHLD) filed for bankruptcy as had been widely expected. Last week's decline in stocks were partly fueled by a surge in government bond yields, which can translate to higher borrowing costs for corporations and individuals.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 15, 2018 09:39 ET (13:39 GMT)
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