By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market ended
Wednesday's choppy session slightly lower, with the main benchmarks
ending their four-day winning streak. The S&P 500 retreated
from record levels but still closed above 1,900.
Analysts attributed small losses to investors taking a breather
after four consecutive days of gains.
The S&P 500 (SPX) traded in positive territory for the most
of the session but gave up incremental gains and closed 2.13
points, or 0.1%, lower at 1,909.76.
The Dow Jones Industrial Average (DJI) lost 42.32 points, or
0.3%, to 16,633.05.
The Nasdaq Composite (RIXF) dipped in and out of negative
territory and ended the day down 11.99 points, or 0.3%, at
4,225.07.
Follow MarketWatch's live blog of today's stock-market
action.
"There were a few disappointing earnings, [a new] deal ...
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 closed 1.3% higher, after
the luxury retailer's fiscal fourth-quarter profit topped
estimates. Also read: Michael Kors courts jet-setting lifestyle
image to stay ahead.
PetroLogistics L.P. (PDH) shares surged 11% 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 rose 2.1% after the home builder
reported better-than-expected fiscal second-quarter results.
Shares of Workday Inc. (WDAY) rose 2.3% 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 11% after the 3-D printer
late Tuesday announced a secondary offering of approximately 6
million shares.
Twitter Inc. (TWTR) shares climbed 11% 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.
Across other markets, oil (CLN4) and gold (GCM4) prices settled
lower, and the dollar (DXY) pushed higher.
More must-reads from MarketWatch:
Stock-market bulls take on the bears in these 11 charts
Tim Cook must rid himself of incremental thinking at Apple
Look what's missing from Google's driverless cars
Subscribe to WSJ: http://online.wsj.com?mod=djnwires