United States markets had another mixed day as shares of energy and materials companies fell along with the price of oil and precious metals. Drug companies were pummeled again on investor concerns that raising prices would become more difficult for the companies. The Bank of Japan cut its economic forecasts, which hurt stocks overseas.
KEEPING SCORE The Dow Jones industrial average rose 0.13 percent and the Standard & Poor's 500-stock index declined 0.18 percent. The Nasdaq composite index dropped 0.45 percent.
COMMODITIES CRUNCHED Oil prices fell sharply for the second day in a row. Benchmark United States crude shed fell 84 cents to $36.34 a barrel in New York. Brent crude, used to price international oils, lost 79 cents to $38.74 per barrel in London.
The price of gold fell about 1 percent to $1,233.50 an ounce, and the price of silver sank or 1.7 percent to $15.26 an ounce.
Shares of the mining and energy company Freeport-McMoRan fell 7 percent, to $9.27. Murphy Oil stock lost 0.76 percent.
VALEANT TUMBLES The drug maker Valeant Pharmaceuticals reported its preliminary fourth-quarter profit and cut its forecast for 2016, disappointing investors. Valeant is already under scrutiny from Congress over drug prices, and it is being investigated by the Securities and Exchange Commission. The stock plunged 51.46 percent, its lowest price since mid-2012.
Acquiring older drugs and raising their prices is a significant part of Valeant's business, and the company's stock is one of a group that has tumbled as Congress has questioned that practice. On Tuesday, Mallinckrodt sh ares lost 14.51 percent and shares of Endo International fell 22.6 percent. Valeant stock has fallen more than 80 percent over the last six months.
Other pharmaceutical stocks that slumped included the multiple sclerosis medication maker Biogen, which gave up 2.9 percent, and the eye drug maker Regeneron, which shed 1.6 percent.
POWER UP Utility stocks were the biggest gainers, and the industry remains one of the best-performing areas of the market this year. Utilities are generally viewed as relatively safe investments and do well during times of market turmoil. Shares of American Water Works rose 0.9 percent.
LILLY LOWER Shares of the drug maker El i Lilly fell on concerns surrounding the potential approval of a drug intended to treat dementia caused by Alzheimer's disease. The company said on Tuesday that it would change the goal of a late-stage trial, and investors worried that it would make regulatory approval less likely. The stock shed 3.6 percent.
TIGHTFISTED SHOPPERS The Commerce Department said retail sales slipped in February, as consumers spent less and remained cautious about the state of the economy despite steady hiring. Sales fell 0.1 percent compared with a year earlier, though they improved if gas and auto sales were left out. The government also said sales fell in January, changing an earlier estimate that spending increased.
Spending by cons umers makes up 70 percent of the American economy.
APPLE ADVANCES Shares of Apple gained 2.0 percent after a Morgan Stanley analyst said first-quarter iPhone sales looked stronger than Wall Street had expected.
CONSIDERING A SALE Outerwall, the company behind Coinstar coin-counting kiosks and Redbox disc-rental kiosks, indicated it may look to sell itself by saying it would seek "strategic and financial alternatives" to bolster value for its shareholders. It also doubled its quarterly dividend. The stock added 9.0 percent.
EUROPEAN MARKETS In Germany, the DAX closed down 0.6 percent and in France, the CAC 40 lost 0.8 percent. The FTSE 100 finished 0.6 percent lower in Brit ain.
WATCHING THE FED The Federal Reserve's Federal Open Market Committee meets Tuesday and Wednesday. Investors do not expect an interest-rate increase but are watching for indications of possible future Fed moves. In December, the Fed raised interest rates for the first time in almost a decade, but it left them unchanged in January during a time of growing market turmoil.
ASIA'S DAY The Nikkei 225 declined 0.7 percent in Japan, while in Hong Kong, the Hang Seng lost 0.7 percent. The Shanghai composite index added 0.2 percent in China. The Kospi was down 0.1 percent in South Korea. In Australia, the S.&P./ASX 200 lost 1.4 percent, while the Sensex in India was off 0.9 percent. Markets in Taiwan, Singapore, Bangkok and Jakarta also fell, while New Zeala nd rose.
CURRENCIES AND BONDS The euro edged up to $1.1105 from $1.1097 and the dollar slipped to 113.13 yen from 113.80 yen. The British pound fell to $1.4156 amid renewed jitters about the June popular vote on whether to remain in the 28-country European Union. The pound fell last month to a seven-year low of $1.3783. Bond prices rose. The yield on the 10-year Treasury note remained at 1.96 percent.
Source: Wall St. Slumps in Early Trading
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