Markets Right Now: Health care stocks gain; industrials fall

NEW YORK — The latest on developments in financial markets (All times local):

4:00 p.m.

A late afternoon pickup in health care companies erased much of an early loss on Wall Street and left major indexes mixed at the close.

The market got off to a downbeat start Tuesday following weak results from several big companies including UPS and Harley-Davidson.

A late gain in drugmakers and other health care stocks left broad market indicators little changed on the day.

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High-dividend stocks like utilities also did well.

The Standard & Poor’s 500 index ended down 2 points, or 0.1 per cent, at 2,278. It had been down 13 points earlier.

The Nasdaq composite edged up 1 point, less than 0.1 per cent, at 5,614.

The Dow Jones industrial average fell 107 points, or 0.5 per cent, to 19,864, held back by losses in Goldman Sachs, Boeing and IBM.

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11:45 a.m.

Stocks are falling following weak results from companies including UPS and Harley-Davidson.

The sharp decline in UPS and competitor FedEx dragged industrial stocks down more than the rest of the market Tuesday. Technology stocks also fell.

Investors moved money into bonds and stocks that pay big dividends, like utilities.

The Standard & Poor’s 500 index is poised for its fourth consecutive loss.

Under Armour plunged 21 per cent after the athletic apparel maker reported a rare earnings miss.

The Standard & Poor’s 500 index fell 11 points, or 0.5 per cent, to 2,269.

The Dow Jones industrial average lost 149 points, or 0.8 per cent, to 19,821. The Nasdaq composite declined 34 points, or 0.6 per cent, to 5,578.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.44 per cent.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street for the second day in a row as several companies report disappointing earnings.

Under Armour plunged 25 per cent after the athletic apparel maker reported a rare earnings miss in the fourth quarter and released a conservative revenue outlook for the year.

Harley-Davidson dropped 3 per cent after reporting weak shipments and delivering a tepid outlook.

The Standard & Poor’s 500 index fell 4 points, or 0.2 per cent, to 2,276.

The Dow Jones industrial average lost 57 points, or 0.3 per cent, to 19,917. The Nasdaq composite declined 16 points, or 0.3 per cent, to 5,596.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.48 per cent.

The Associated Press