An early rally fades on the US stock market

July 30, 2014 - 11:05 AM
Financial Markets Wall Street

Trader James Dresch, right, works on the floor of the New York Stock Exchange, Monday, June 30, 2014. European stocks were lower Wednesday July 30, 2014 ahead of U.S. economic data while cheery earnings from major Japanese companies such as Honda Motor Co. boosted Asian markets.(AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stocks are turning mostly lower in midday trading, erasing an early gain.

Genworth Financial sank 12 percent and Goodyear Tire & Rubber fell 7 percent after turning in results that disappointed investors.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,964 as of noon Eastern time Wednesday.

The Dow Jones industrial average lost 84 points, or 0.5 percent, to 16,827. The Nasdaq composite edged up six points to 4,449.

Phone and utility companies fell the most in the S&P 500 index.

Bond prices fell after the U.S. government reported surprisingly strong growth in the economy this spring.

The yield on the 10-year Treasury note jumped to 2.53 percent from 2.46 percent.