U.S. stocks fluctuated, after two days of declines, amid quarterly results from Regeneron Pharmaceuticals Inc. to Allstate Corp. while Apple Inc. slipped further into a correction.
Allstate lost 11 percent as the insurer’s profit plunged on a surge in auto claims. CVS Health Corp. fell 3.3 percent after narrowing its earnings forecast. Apple sank 2.7 percent to a six-month low. Regeneron and Sprint Corp. gained more than 4.7 percent as their earnings exceeded analysts’ forecasts. Baxalta Inc. surged 17 percent after Shire Plc offered to buy the company for about $30 billion.
The Standard & Poor 500 Index rose less than 0.1 percent to 2,098.22 at 12:06 p.m. in New York, near its average price during the past 100 days. The Dow Jones Industrial Average lost 3.61 points, or less than 0.1 percent, to 17,594.59. The Nasdaq Composite Index was little changed.
The S&P 500 rose 2 percent in July, the best monthly gain since February, as earnings from Amazon.com Inc. and Google Inc. countered declines by energy and mining stocks. The index closed Monday 1.5 percent below a record set in May.
Source : Bloomberg