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Dow Sets New Record as Other Indexes Slip; Tech Stocks Skid


NEW YORK (AP) — U.S. stocks are mostly lower Wednesday after setting records the last two days, but the Dow Jones industrial average continues to set all-time highs. Health care companies are taking some of the biggest losses. Technology stocks are lower after HP released a weak profit forecast. Strong results for Deere are lifting industrial companies.

KEEPING SCORE: The Dow Jones industrial average rose 37 points, or 0.2 percent, to 19,060 as of 11 a.m. Eastern time. The Standard & Poor's 500 index skidded 3 points, or 0.1 percent, to 2,199. The Nasdaq composite lost 21 points, or 0.4 percent, to 5,365. The Russell 2000 index of small-company stocks, which has risen for the previous 13 trading days, fell sharply in early trading but recovered its losses and moved 0.2 percent higher.

CALL TECH SUPPORT: Printer and PC maker HP lost ground after it issued a profit forecast that disappointed investors. Its stock gave up 58 cents, or 3.6 percent, to $15.37. Other technology companies traded lower as Alphabet, Google's parent company, slid $10.80, or 1.4 percent, to $774.20 and Facebook shed $1.37, or 1.1 percent, to $120.10.

OH, DEERE! Agricultural and construction equipment maker Deere disclosed a bigger profit than analysts expected. Deere's business has been hurt by a slowdown construction and low commodity prices, which have caused farmers to cut back on purchases of equipment. The stock advanced $9.32, or 10.1 percent, to $101.33 and reached an all-time high.

START YOUR ENGINES: Industrial companies are trading at all-time highs and continued to rise following Deere's report. Construction and mining equipment maker Caterpillar gained $2.05, or 2.2 percent, to $95.67. United Technologies, which makes products including elevators and jet engines, added $1.20, or 1.1 percent, to $108.14 and construction and technical services company Jacobs Engineering Group climbed $1.47, or 2.5 percent, to $60.79.

ELI LILLY TUMBLES: Eli Lilly dropped after saying a potential treatment for Alzheimer's disease failed in a clinical trial. The company said solanezumab did not slow down patients' mental decline compared to a placebo. Lilly fell $9.54, or 12.6 percent, to $66.45, its lowest value in more than two years. Other drugmakers also slumped. Biogen sank $18.87, or 5.9 percent, to $299.24 and Merck fell 94 cents, or 1.5 percent, to $60.77.

OUT OF STYLE? Urban Outfitters fell after its quarterly profit and sales came up short of expectations. Its stock lost $3.68, or 9.4 percent, to $35.33.

CURRENCY: The dollar climbed higher and rose to 112.82 yen from 111.14 yen. The euro fell to $1.0531 from $1.0624.

BONDS: Bond prices dropped and yields moved higher. Yield on the 2-year Treasury note rose to 1.13 percent from 1.09 percent. The yield on that note is at its highest in more than six years. The yield on the 10-year Treasury note rose to 2.40 percent from 2.31 percent, its highest in almost a year and a half.

MAKING BANK: Higher bond yields are linked to higher interest rates, so the rising yields helped bank stocks turn higher. Capital One rose $1.88, or 2.3 percent, to $84.47 and First Bancorp jumped 24 cents, or 3.6 percent, to $6.82. The S&P 500 financial index is up 12 percent since the election.

LET'S PLAY: Video game retailer GameStop jumped after its quarterly results matched Wall Street forecasts. Its stock gained $1.72, or 7.1 percent, to $25.83. Video game publisher Electronic Arts rose $1.21, or 1.6 percent, to $78.96.

ENERGY: Oil prices recovered after some early losses. Benchmark U.S. crude added 21 cents to $48.24 per barrel in New York. Brent crude, used to price international oils, picked up 15 cents to $49.27 a barrel in London.

PENNY FOR YOUR THOUGHTS: Copper prices continued to rally. The metal's price is linked to economic expansion because of its use in construction and other areas, and it's at its highest price in more than a year. It surged in late October and November, when the broader market was falling as investors wondered about the outcome of the presidential election. It has continued to rise as investors hope demand will increase under a potential infrastructure stimulus from President-elect Donald Trump.

Copper picked up 5 cents, or 1.9 percent, to $2.59 a pound. Gold and copper producer Freeport-McMoRan gained 59 cents, or 3.9 percent, to $15.71.

OVERSEAS: Germany's DAX index shed 0.8 percent and the CAC 40 in France dropped 0.6 percent. Britain's FTSE 100 slid 0.4 percent. The Kospi in South Korea advanced 0.2 percent and Hong Kong's Hang Seng ended unchanged. Japanese markets were closed for a holiday.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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