Stocks edge lower; Deere, Fossil sink - KSWO 7News | Breaking News, Weather and Sports

Stocks edge lower; Deere, Fossil sink

By STEVE ROTHWELL

AP Market Writer NEW YORK (AP) - Stocks edged lower in morning trading Wednesday, a day after the stock market closed at a record high.

KEEPING SCORE: The Standard & Poor's 500 index fell four points, or 0.2 percent, to 1,893 as of 11:24 a.m. Eastern. The Dow Jones industrial average dropped 54 points, or 0.3 percent, to 16,660. The Nasdaq composite fell 11 points, or 0.3 percent, to 4,118.

TOUCHING A MILESTONE: The S&P 500 crossed 1,900 for the first time during trading Tuesday, but closed slightly below that level. The S&P 500 has been rising over the last month as investors become optimistic that the economy will start to accelerate this year following a cold winter that stymied growth.

THE QUOTE: Almost all of the companies in the S&P 500 have finished reporting their first-quarter earnings. Earnings rose 3.3 percent for the period, and almost 70 percent of companies reported results that exceeded analysts' expectations. Many Wall Street analysts had low expectations due to the harsh winter, said Jim Russell, a regional investment director at US Bank. Expectations for growth will be higher for the rest of the year.

"The will be no excuses for the second, third and fourth quarter," said Russell. "Companies have to deliver for the market to maintain these record levels."

DEERE ME: Deere fell $2.11, or 2.3 percent, to $91.52 after the company reported a 9.5 percent decline in second-quarter net income as demand for farming equipment weakened. The company cut its full-year sales forecast.

FOSSIL FALL: Fossil Group fell $9.24, or 8.3 percent, to $102.21 after the watch, jewelry and accessories maker said late Tuesday that its first-quarter net income fell 8 percent, despite sales gains across all its business segments. The quarter's results beat market expectations, but the company gave a weak forecast.

TREASURYS AND COMMODITIES: Government bond prices rose. The yield on the 10-year Treasury note fell to 2.54 percent from 2.61 percent. The price of oil rose 78 cents, or 0.7 percent, to $102.47 a barrel.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Sanders says she was told to leave Virginia restaurant

    Sanders says she was told to leave Virginia restaurant

    Saturday, June 23 2018 11:48 AM EDT2018-06-23 15:48:09 GMT
    Sunday, June 24 2018 1:07 AM EDT2018-06-24 05:07:37 GMT
    White House press secretary Sarah Sanders acknowledges in a tweet that she was asked to leave a Virginia restaurant Friday night. (Source: AP Photos)White House press secretary Sarah Sanders acknowledges in a tweet that she was asked to leave a Virginia restaurant Friday night. (Source: AP Photos)

    White House press secretary Sarah Sanders acknowledges in a tweet that she was asked to leave a Virginia restaurant Friday night.

    White House press secretary Sarah Sanders acknowledges in a tweet that she was asked to leave a Virginia restaurant Friday night.

  • Administration seeks to expand immigrant family detention

    Administration seeks to expand immigrant family detention

    Saturday, June 23 2018 12:26 AM EDT2018-06-23 04:26:10 GMT
    Sunday, June 24 2018 1:06 AM EDT2018-06-24 05:06:38 GMT
    (AP Photo/Eric Gay, File). FILE - In this July 31, 2014, file photo, an artificial turf soccer field sits in the middle of the Karnes County Residential Center in Karnes City, Texas. The immigration detention facility has been retooled to house adults ...(AP Photo/Eric Gay, File). FILE - In this July 31, 2014, file photo, an artificial turf soccer field sits in the middle of the Karnes County Residential Center in Karnes City, Texas. The immigration detention facility has been retooled to house adults ...
    (AP Photo/Eric Gay, File). FILE - In this July 31, 2014, file photo, an artificial turf soccer field sits in the middle of the Karnes County Residential Center in Karnes City, Texas. The immigration detention facility has been retooled to house adults ...(AP Photo/Eric Gay, File). FILE - In this July 31, 2014, file photo, an artificial turf soccer field sits in the middle of the Karnes County Residential Center in Karnes City, Texas. The immigration detention facility has been retooled to house adults ...

    The Trump administration is calling for the expanded use of family detention for immigrant parents and children who are stopped along the U.S.-Mexico border.

    The Trump administration is calling for the expanded use of family detention for immigrant parents and children who are stopped along the U.S.-Mexico border.

  • US moves 100 coffins to N. Korean border for war remains

    US moves 100 coffins to N. Korean border for war remains

    Saturday, June 23 2018 5:16 AM EDT2018-06-23 09:16:27 GMT
    Sunday, June 24 2018 1:06 AM EDT2018-06-24 05:06:02 GMT
    (AP Photo/Ahn Young-joon, File). FILE- In this May 14, 1999, file photo, U.N. honor guards carry a coffin containing the remains of the American soldiers after it was returned from North Korea at the border village of Panmunjom, South Korea. South Kore...(AP Photo/Ahn Young-joon, File). FILE- In this May 14, 1999, file photo, U.N. honor guards carry a coffin containing the remains of the American soldiers after it was returned from North Korea at the border village of Panmunjom, South Korea. South Kore...

    The U.S. military says it is moving "assets" to a U.S. air base near South Korea's capital and to the inter-Korean border to prepare for North Korea's returning of the remains of U.S. soldiers who have been missing...

    The U.S. military says it is moving "assets" to a U.S. air base near South Korea's capital and to the inter-Korean border to prepare for North Korea's returning of the remains of U.S. soldiers who have been missing since the 1950-53 Korean War.

Powered by Frankly