Stocks Edge Lower a Day After Record
Stocks gave up an early gain and drifted mostly lower on Wall Street as investors continue digesting a steady flow of corporate earnings.
Energy and communications companies took some of the biggest losses Wednesday. Exxon Mobil lost 1.9% and AT&T fell 4.1%.
Bond prices rose, sending yields lower, as investors shifted money into low-risk assets.
Anadarko Petroleum soared 11.6% after Occidental Petroleum made an offer for the company, hoping to beat a rival bid from Chevron.
The S&P 500 index fell 6 points, or 0.2%, to 2,927. It closed at a record high the day before.
The Dow Jones Industrial Average fell 59 points, or 0.2%, to 26,597. The Nasdaq lost 18 points, or 0.2%, to 8,102.
The yield on the 10 year Treasury fell to 2.52%.