NEW YORK (AP) - U.S. stocks slumped Friday as financial and health care companies moved lower. Industrial companies rose as stocks continued the up-and-down pattern they've been stuck in for the last month.
Stocks slumped in morning trading as banks fell in tandem with bond yields and interest rates and energy companies sank with oil prices.
Strong results from Honeywell and aviation electronics maker Rockwell Collins helped industrial firms. Toy maker Mattel plunged after it reported is second disappointing quarter in a row. Stocks climbed in the final minutes of trading and left the Standard & Poor's 500 index 1 percent higher for the week.
President Donald Trump gave the market a fleeting boost in the afternoon when he said his administration will release a tax reform proposal next week that includes a large tax cut. He didn't provide details.
"I don't think anything's actually going to happen or be implemented any time soon," said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. He said he thinks a corporate tax cut is more likely to pass Congress and become law than a tax cut for individuals, and added he wants the administration to focus on moves that can keep the economy growing.
The Standard & Poor's 500 index lost 7.15 points, or 0.3 percent, to 2,348.69. The Dow Jones industrial average dipped 30.95 points, or 0.2 percent, to 20,547.76. The Nasdaq composite fell 6.26 points, or 0.1 percent, to 5,910.52. The Russell 2000 index of smaller-company stocks fell 4.30 points, or 0.3 percent, to 1,379.85.