Markets Right Now: Stocks close lower, erasing an early gain

The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing broadly lower on Wall Street, led by drops in telecommunications companies.

Phone companies had some of the biggest declines on Monday. Verizon slumped 4.3 percent. Sprint lost 13.7 percent and T-Mobile US fell 6.2 percent after the two companies announced another attempt to merge.

Health care companies also fell. Celgene gave up 4.5 percent and Allergan lost 5.2 percent.

McDonald's jumped 5.8 percent after reporting higher earnings and revenue than analysts expected.

The S&P 500 index fell 21 points, or 0.8 percent, at 2,648.

The Dow Jones industrial average lost 148 points, or 0.6 percent, to 24,163. The Nasdaq composite fell 53 or 0.8 percent, to 7,066.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent.

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11:45 a.m.

Stocks are easing mostly lower in midday trading on Wall Street after an early gain petered out.

Health care and industrial stocks fell more than the rest of the market Monday. Celgene gave up 6 percent, and General Electric lost 1.3 percent.

Sprint dropped 14 percent and T-Mobile fell 6.7 percent after the two companies announced another attempt to merge.

McDonald's jumped 5.6 percent after reporting healthier profit and revenue than analysts expected.

The S&P 500 index fell 3 points, or 0.1 percent, at 2,666.

The Dow Jones industrial average rose 60 points, or 0.2 percent, to 24,372. The Nasdaq composite fell 21 or 0.3 percent, to 7,098.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.95 percent.

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9:35 a.m.

Stocks are opening higher following a spate of buyout announcements and strong earnings reports.

McDonald's jumped 3.7 percent to one of the biggest gains in the S&P 500 after it reported healthier profit and revenue than analysts expected for the first three months of the year.

Andeavor soared 11 percent after Marathon Petroleum said it would buy the refiner and pipeline owner for more than $23 billion.

Sprint and T-Mobile both fell on after the companies announced their plan to merge to better compete with bigger rivals. Investors are unsure whether the deal will get the necessary regulatory approval.

The S&P 500 gained 7 points, or 0.3 percent, at 2,667.

The Dow Jones industrial average was up 137 points, or 0.6 percent, at 24,448. The Nasdaq rose 16, or 0.2 percent, to 7,135.