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Stocks mostly lower after latest record high

By WTOP Staff

NEW YORK (AP) — Stocks are mostly lower in midday trading after setting a record high the day before.

Botox maker Allergan fell 4 percent after Valeant Pharmaceuticals made a new unsolicited offer for the company.

Toll Brothers rose 2 percent after reporting that its profits more than doubled as the home builder raised prices and delivered more houses.

The Standard & Poor’s 500 index was flat at 1,911 as of noon Eastern time Wednesday. The index closed at a record the day before.

The Dow Jones industrial average fell 22 points, or 0.1 percent, to 16,653. The Nasdaq lost five points, or 0.1 percent, to 4,231.

Bond prices continued to rise. The yield on the 10-year Treasury note fell to 2.44 percent. The yield is the lowest it’s been in nearly a year.

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 This material may not be published, broadcast, rewritten or redistributed.

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