Banks, tech companies pull US stocks lower; Oil up

Banks sells a broad sell-off in U.S. stocks Wednesday, placing the market on track for its fifth consecutive loss. Traders feel higher, pulling down yields. Technology stocks also took heavy losses. Energy stocks gave rise to early growth even after a long time skid.

KEEPING SCORE: The S & P 500 index fell 29 points, or 1.1 percent, to 2,692 as of 1:49 p.m. Eastern Time. The Dow Jones Industrial Average lost 283 points, or 1.1 percent, to 25.002. The Nasdaq Composite dropped 77 points, up 1.1 percent to 7.13. The Russell 2000 index of smaller companies gave up 12 points, 0.8 percent gold, to 1.502. The benchmark S & P 500 index is coming off a four-day losing streak.

THE QUOTE: "We're still … contending with the implications of the sell-off from October," said David Lefkowitz, senior equity strategist at UBS Global Wealth Management. "The market is still somewhat unsettled and somewhat volatile as investors are moving forward and repositioning for what they think will happen next."

BOND YIELDS: Pink rose prices. The yield on the 10-year Treasury note fell to 3.10 percent from 3.14 percent late Tuesday. The drop in bond yields, which affects interest rates on mortgages and other consumer loans, helped pull bank shares lower. Citizens Financial Group dropped 4.5 percent to $ 36.04.

OIL REBOUND: The price of U.S. crude oil was moving higher in the world. U.S. crude oil benchmark 1.5 percent to $ 56.55 at barrel in New York. Brent crude, rose 1.6 percent to $ 66.49 at barrel in London.

Oil had fallen for a few days, as a result of worries over rising oil production around the world and weakening demand of developing countries.

Natural gas, meanwhile, soared 16.5 percent to $ 4.78 per 1,000 cubic feet.

TECH SLIDE: Technology stocks took some of the heaviest losses. Apple lost 2.6 percent to $ 187.25.

SCORCHED: Shares in Pacific Gas & Electric 25.1 percent to $ 24.52, extending the electric utility's steep slide this week. The company told the regulators last week that it was a problem in Northern California where a deadly wildfire erupted last week. People who lost homes in the blaze sued PG & E Tuesday, accusing the utility of negligence and blaming it for the fire. PG & E's slide has a broad sell-off in utilities stocks.

RETAIL THERAPY: Macy's slid 5.8 percent to $ 33.71 as traders grew up in the sales chain

UNDERCOOKED: Blue Apron shares declined 4.1 percent to $ 1.17 after the meal kit shipping company issued a disappointing fourth-quarter outlook and said it was taking "strategic actions" that included slashing 4 percent of its workforce.

LUXURIOUS FIT: Canada Goose Holdings climbed 7.8 percent to $ 63.17 after the high-end

CURRENCIES: The dollar weakened to 113.49 yen from 113.86 yen on Wednesday. The euro restored to $ 1.1295 from $ 1.1268.

OVERSEAS: Major stock indexes in Europe fell, giving up early gains. Germany's DAX dropped 0.5 percent, while France's CAC lost 0.7 percent. The FTSE 100 index of leading British shares fell 0.3 percent. In Asia, Japan's Nikkei benchmark 225 inched up 0.2 percent, while Australia's S & P / ASX lost 200 percent. South Korea's Kospi edged down 0.2 percent. Hong Kong Hang Seng fell 0.5 percent.