US indexes drift lower, ending a two-day advance; oil jumps
May. 05, 2015
NEW YORK (AP) — Stocks are closing lower following two days of gains that brought the market close to a record high.
Vornado Realty Trust slumped 4 percent Tuesday after reporting results that fell short of analysts' forecasts. Estee Lauder jumped 4 percent after its results beat estimates.
The Standard & Poor's 500 index fell 25 points, or 1.2 percent, to 2,089.
The Dow Jones industrial average lost 142 points, or 0.8 percent, to 17,928. The Nasdaq composite fell 77 points, or 1.6 percent, to 4,939.
The price of oil closed above $60 a barrel for the first time since December. That helped send energy stocks higher. Oil has risen 20 percent in the last month.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent.