By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market edged lower on
Wednesday, pausing after four straight sessions of gains that sent
the S&P 500 index above 1,900 to a record close.
The S&P 500 (SPX) was a point higher at 1,912.46 at midday.
The Dow Jones Industrial Average (DJI) eased 15 points, or 0.1%, to
16,654.89. The Nasdaq Composite (RIXF) shed 2 points, or 0.1%, to
4,233.15.
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action.
"There were a few disappointing earnings, deal new between
Valeant and Allergan fell through. So, markets are taking a pause,"
said Kim Caughey Forrest, investment analyst at Fort Pitt Capital.
"Still, the bias in the stock market this year is upward. It seems
like people are buying every dip, which are turning out to be very
shallow."
In corporate news, Michael Kors Holdings Ltd. (KORS) shares
swung between big gains and losses and by midday were flat, after
the luxury retailer's fiscal fourth-quarter profit topped
estimates.
PetroLogistics L.P. (PDH) shares surged 10% on the news that a
subsidiary of Koch Industries Inc. agreed to buy the company, which
produces propylene, in a deal worth about $2.1 billion in cash,
including debt.
Toll Brothers Inc. (TOL) shares were up 2.2% after the home
builder reported better-than-expected fiscal second-quarter
results.
Shares of Workday Inc. (WDAY) rose 3.6% after the enterprise
cloud-application company late Tuesday reported a
smaller-than-expected adjusted loss. Total revenue rose to $159.7
million from $91.65 million, beating estimates.
DSW Inc. (DSW) shares slumped 27% after the discount shoe
retailer cut its forecast for full-year results. DSW also posted
first-quarter results that fell short of analyst estimates.
Shares of 3D Systems Corp. (DDD) fell 9.3% after the 3-D printer
late Tuesday announced a secondary offering of approximately 6
million shares.
Twitter Inc. (TWTR) shares climbed 5.1% after Nomura upgraded
the stock to buy from neutral,. It said investors have fully priced
in the expectation that the short-messaging, social-media company
will remain a niche player.
Oil and gold slip
In other financial markets, European stocks posted marginal
losses, while Asian stocks closed mostly higher on the back of Wall
Street gains.
U.S. Treasury prices surged Wednesday, sending the benchmark
10-year Treasury note (10_YEAR) yield to its lowest of the year on
a closing basis. The 10-year yield, which falls as prices rise,
sank 5 basis points on the day at 2.470%.
Across other markets, oil (CLN4) and gold (GCM4) prices were
marginally lower, and the dollar (DXY) was pushing higher.
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