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Business

Real Estate Leads U.S. Stocks Mostly Higher; Oil Rebounds

Investors were focused on the latest slate of company earnings news, but oil prices rebounded after an early slide

In this Jan. 12, 2017, photo, traders work on the Mizuho Americas trading floor in New York, photo: AP/Mark Lennihan
8 months ago

Real estate companies and other stocks that pay large dividends led U.S. stocks mostly higher in late-afternoon trading Wednesday as bond yields fell. Banks and other financial companies lagged the most. Investors were focused on the latest slate of company earnings news. Oil prices rebounded after an early slide.

KEEPING SCORE: The Standard & Poor’s 500 index rose 1 point, or 0.1 percent, to 2,294 as of 2:40 p.m. Eastern Time. The Dow Jones industrial average fell 36 points, or 0.2 percent, to 20,053. The Nasdaq composite index added 8 points, or 0.1 percent, to 5,682. The Nasdaq was coming off an all-time high set Tuesday.

BIG DECLINER: Akamai Technologies gave up 10.3 percent after the cloud services company’s latest guidance disappointed investors. The stock was the biggest decliner in the S&P 500, sliding $7.33 to $63.79.

DRUG DRAG: Gilead Sciences plunged 9.7 percent after the biotechnology company forecast disappointing sales of its hepatitis C drugs. The stock gave up $7.08 to $66.05.

FALLING SHORT: Zillow Group slid 7.3 percent after the online real estate information company posted quarterly results that included a tally of monthly unique users that fell short of Wall Street’s expectations. The stock lost $2.70 to $34.46.

BAD MEAL: Shares in GrubHub were down 2.4 percent after the online food ordering service said its orders slowed in the fourth quarter. It also issued guidance that fell shy of what financial analysts expected. The stock shed $1.01 to $40.31.

HEALTHY SALES: Myriad Genetics jumped 9 percent after the diagnostic test maker said sales of hereditary cancer tests have begun rising again, driving revenue to the highest level in three years. The stock gained $1.38 to $16.78.

HUNGRY FOR MORE: Panera Bread climbed 8.3 percent after the bakery chain announced solid fourth-quarter results and gave a better-than-expected forecast for sales at older locations. The stock gained $17.68 to $231.95.

BIG GAIN: Microchip Technology leaped 6.6 percent after its fiscal third-quarter results and current quarter outlook exceeded financial analysts’ forecasts. The stock was the biggest gainer in the S&P 500, climbing $4.58 to $74.20.

NO WRINKLES: Allergan rose 3.7 percent after the Botox maker turned in better-than-expected quarterly results. Its shares added $8.67 to $241.28.

MARKETS OVERSEAS: In Europe, Germany’s DAX fell 0.1 percent, while France’s CAC 40 rose 0.3 percent. The FTSE 100 index of leading British shares was flat. Major indexes in Asia were mixed. Tokyo’s Nikkei 225 rebounded from early losses to rise 0.5 percent, while Hong Kong’s Hang Seng added 0.7 percent. Sydney’s S&P ASX 200 gained 0.5 percent.

OIL: Crude oil prices rebounded after an early slide. Benchmark U.S. crude rose 17 cents, or 0.3 percent, to close at $52.34 a barrel in New York. Brent crude, the benchmark for international oil prices, climbed 7 cents, or 0.1 percent, to close at $55.12 a barrel in London.

CURRENCIES: The dollar fell to 112.09 yen from 112.19 yen on Tuesday. The euro weakened to $1.0686 from $1.0696.

TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.35 percent from 2.40 percent late Tuesday.

METALS: The price of gold added $3.40 to $1,239.50 an ounce. Silver fell 5 cents to $17.71 an ounce. Copper rose 3 cents to $2.67 a pound.

ALEX VEIGA

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