Markets Right Now: Stocks edge lower a day after record

EnergyAssociated Press

The latest on developments in financial markets (all times local):

4 p.m.

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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%.

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11:45 a.m.

Wall Street followed a record-setting day with more subdued trading as investors continue digesting a steady flow of corporate earnings.

Investors were favoring less-risky stocks Wednesday, like real estate companies and utilities. Kimco Realty rose 1.6% and FirstEnergy climbed 0.7%.

Bond prices were also rising as investors shifted money into other low-risk assets.

Banks and communications companies were lagging. AT&T sank 4%.

Anadarko Petroleum soared 12.3% after Occidental Petroleum made an offer for the company, hoping to beat a rival bid from Chevron.

The S&P 500 index slipped 1 point to 2,932. It closed at a record high the day before.

The Dow Jones Industrial Average fell 5 points to 26,649. The Nasdaq edged up 3 points to 8,124.

The yield on the 10 year Treasury fell to 2.52%.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street, a day after the S&P 500 surpassed the record high close it set in September.

Several companies were making big moves after reporting their quarterly results Wednesday.

EBay rose 4.4% after reporting earnings that easily beat analysts' estimates, and iRobot sank 17% after its revenue came up short of forecasts.

Anadarko Petroleum soared 11.2% after Occidental Petroleum made an offer for the company, hoping to beat a rival bid from Chevron.

The S&P 500 index slipped 1 point to 2,931.

The Dow Jones Industrial Average fell 19 points, or 0.1%, to 26,639. The Nasdaq edged up 2 points to 8,123.

Bond prices rose. The yield on the 10 year Treasury fell to 2.53%.