NEW YORK -- U.S. stocks ended mostly higher Thursday as gains for technology companies and banks helped the market recover some of its losses from earlier in the week.
The Standard & Poor's 500 index rose 3.25 points, or 0.1 percent, to 2,560.40. The Dow Jones industrial average gained 71.40 points, or 0.3 percent, to 23,400.86. The Nasdaq composite fell 7.12 points, or 0.1 percent, to 6,556.77. The Russell 2000 index of smaller-company stocks rose 3.98 points, or 0.3 percent, to 1,497.46.
Technology companies recovered some of the ground they lost Wednesday, and banks and credit card companies jumped as bond yields continued to climb.
Drugmakers sank after Celgene and Bristol-Myers Squibb slashed their forecasts. Late in the day, drugstores and companies that distribute medications sank on reports Amazon is taking steps to move into the pharmaceutical business by getting licenses to distribute medications wholesale.
Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.46 percent from 2.44 percent as yields and interest rates remained at seven-month highs. Higher rates mean banks can make larger profits from mortgages and other lending. SunTrust Banks rose 83 cents, or 1.4 percent, to $60.61, and American Express jumped $2.16, or 2.3 percent, to $95.69.
Shares of drugmaker Celgene plunged after it reduced its forecasts for this year, partly because it expects weaker sales of its new psoriasis treatment Otezla. Celgene also said it won't meet its longer-term goals: It cut its profit and sales projections for 2020 as it anticipates weaker sales of new products and medications to treat cancer and inflammation.
Celgene stock fell $19.57, or 16.4 percent, to $99.99. Bristol-Myers Squibb fell $3.05, or 4.8 percent, to $60.95 after it reduced its annual forecast. Other drugmakers including Amgen and Gilead Sciences also stumbled.
Materials companies climbed after a round of strong company results. Chemicals-maker Dow DuPont jumped $1.96, or 2.8 percent, to $73.05, and industrial and medical gas company Air Products and Chemicals gained $6.80, or 4.4 percent, to $161.39.
Drugstores, prescription drug distributors and pharmacy benefits managers sank after the St. Louis Post-Dispatch reported that Amazon has received wholesale pharmacy licenses in at least 12 states, the latest suggestion the company intends to enter that market. Investors in those companies fear Amazon will slash prices and hurt their revenue.
Walgreens shares fell $2.25, or 3.2 percent, to $67.11. McKesson, which rose as much as 7.4 percent in early trading after its quarterly report, wound up with a loss of $7.84, or 5.2 percent, to $143.54. Pharmacy benefits management company Express Scripts shed $2.23, or 3.6 percent, to $58.93.
Amazon reported its third-quarter results after the close of trading. Its stock rose 8 percent after its profit and sales surpassed analysts' estimates.
CVS Health shares tumbled $2.22, or 2.9 percent, to $73.31. Minutes before the close of trading, The Wall Street Journal reported that the drugstore-pharmacy benefits company is in talks to buy health insurer Aetna. Aetna stock jumped $18.48, or 11.5 percent, to $178.60.
Benchmark U.S. crude oil added 46 cents to $52.64 a gallon in New York. Brent crude, used to price international oils, rose 86 cents, or 1.5 percent, to $59.30 a barrel in London.
Gold gave up $9.40 to $1,269.60 an ounce. Silver fell 11 cents to $16.81 an ounce. Copper lost 1 cent to $3.18 a pound.
Business on 10/27/2017