US stocks sink in midday trade as market heads for a second loss; Alcoa falls most in S&P 500

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NEW YORK — U.S. stocks are moving lower in midday trading as the market pulls back from record highs reached earlier this week.

The drop Wednesday was modest but broad: nine of the 10 sectors in the Standard & Poor's 500 lost ground.

The Standard & Poor's 500 index was down 12 points, or 0.6 percent, to 2,096 as of 11:45 a.m. Eastern time.

The Dow Jones industrial average lost 109 points, or 0.6 percent, to 18,093. The Nasdaq composite fell 18 points, or 0.4 percent, to 4,961.

Aluminum maker Alcoa sank 5 percent, the most in the S&P 500.

Abercrombie & Fitch lost 13 percent after its revenue came up short of what investors were looking for.

Oil fell 69 cents to $49.82 a barrel in New York.

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