ECONOMY

US stock market moves lower in midday trading; Heinz unveils merger with Kraft

FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange, in New York. The stock market drifted lower, Wednesday, March 25, 2015, following a drop in durable goods orders and news of a big merger between Kraft and Heinz. (AP Photo/Mark Lennihan, File)

FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange, in New York. The stock market drifted lower, Wednesday, March 25, 2015, following a drop in durable goods orders and news of a big merger between Kraft and Heinz. (AP Photo/Mark Lennihan, File)  (The Associated Press)

U.S. stock indexes are moving lower, bringing the market further below record highs reached earlier this month.

Kraft soared 40 percent Wednesday after reaching a deal to be acquired by ketchup maker Heinz.

The Standard & Poor's 500 fell 15 points, or 0.7 percent, to 2,076 as of 11:45 a.m. Eastern. The index is 2 percent below the all-time high it reached March 2.

The Dow Jones industrial average lost 170 points, or 1 percent, to 17,836. The Nasdaq slid 71 points, or 1.4 percent, to 4,923.

Eight of the 10 industry sectors in the S&P 500 index fell.

Traders were discouraged to see that orders for long-lasting manufactured goods fell in February for the third time in four months.

The yield on the 10-year Treasury rose to 1.89 percent.