US stocks drift lower in midday trading; oil price jumps

AP News
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Posted: May 05, 2015 11:57 AM
US stocks drift lower in midday trading; oil price jumps

NEW YORK (AP) — Stocks are moving lower in midday trading following two days of gains that brought the market close to a record high.

Vornado Realty Trust slumped 3 percent Tuesday after reporting results that fell short of analysts' forecasts.

Other companies rose after reporting earnings that beat estimates. Disney rose 1 percent and Estee Lauder jumped 6 percent.

Energy stocks did better than the rest of the market as the price of oil climbed above $60 a barrel. Oil hasn't closed above that level since December.

The Standard & Poor's 500 index fell 15 points, or 0.8 percent, to 2,098 as of 11:45 a.m. Eastern time Tuesday.

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The Dow Jones industrial average lost 92 points, or 0.5 percent, to 17,975. The Nasdaq composite fell 63 points, or 1.3 percent, to 4,953.