US market indexes slump, extending declines to a 3rd day

NEW YORK (AP) -- U.S. stock indexes are closing lower, bringing the market further below record highs reached earlier this month.

Kraft bucked the trend, soaring 36 percent after reaching a deal to be acquired by Heinz.

The Standard & Poor's 500 fell dropped 30 points, or 1.5 percent, to 2,076. The index is 2.6 percent below the all-time high it reached March 2.

The Dow Jones industrial average lost 292 points, or 1.6 percent, to 17,718. The Nasdaq slid 118 points, or 2.4 percent, to 4,876.

Nine of the 10 industry sectors in the S&P 500 index fell. Energy was the only sector to rise, helped by a gain in the price of crude oil.

Bond prices fell. The yield on the 10-year Treasury rose to 1.93 percent.

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