|Stocks fall back from record highs||| Print ||
|Written by The Associated Press|
|Wednesday, 28 May 2014 10:20|
NEW YORK — Stocks were mostly lower on Wednesday, pushing the market back below record levels. Toll Brothers climbed in early trading after its profits doubled on strong demand for new homes.
KEEPING SCORE: The Standard & Poor’s 500 index fell three points, or 0.2 percent, to 1,908 as of 10:15 a.m. Eastern time. The Dow Jones industrial average fell 48 points, or 0.3 percent, to 16,627. The Nasdaq composite dropped 12 points, or 0.3 percent, to 4,224.
DRUG DEAL: Valeant Pharmaceuticals added more cash to its offer to buy Botox maker Allergan in a bid that could now be worth more than $50 billion. The Canadian drugmaker said is now offering $58.30, $10 more than its previous offer, and a portion of its own stock for each Allergan share. Allergan fell 27 cents to $164.75. Analysts and investors had been expecting a bigger bid.
BUILDERS: Toll Brothers rose after the homebuilder reported Wednesday that its second-quarter income more than doubled as the company prices and delivered more houses. The results beat Wall Street expectations and sent the stock up $1.05, or 2.9 percent, to $36.72.
BONDS: In the market for U.S. government bonds, the yield on the 10-year Treasury note fell to 2.47 percent from 2.52 percent late Tuesday. The yield is at its lowest in 11 months. Bonds have gained this year, pushing yields lower, as growth has continued at a moderate pace without stoking inflation.
COMMODITIES: Crude oil dropped 47 cents, or 0.4 percent, to $103.64 a barrel. Gold fell $3.50, or 0.2 percent to $1,262.80 an ounce.
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