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Stock indices declined in midday trading as the European Central Bank moves to improve the economy in Europe fell short of investor expectations.

The S&P 500 was down 1.2% to 2.054.75.

The Dow Jones Industrial Average was down 1.1% to 17,537.36.

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The Nasdaq was down 1.5% to 5,046.25.

The yield on a 10-year Treasury bond was up 6.8% to 2.33%.

The price of gold was up 0.9% to $1,063.


Irvine-based Broadcom Corp. was up 4.6% to $57.29 and a $34.9 billion market cap. Avago Technologies Ltd., which is buying the chipmaker, reported higher revenue, and income that beat analyst expectations. Avago rose more than 10%.


Anaheim-based Pacific Sunwear of California Inc. was down 17% to 30 cents and a $21 million market cap. The retailer reported a quarterly loss yesterday after markets closed.