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Dow slips as DuPont, Travelers earnings disappoint

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange during morning trading on Wall Street on April 20, 2015. Credit: Getty Images / Spencer Platt

The Dow Jones industrial average fell Tuesday as DuPont Co. and Travelers Cos. slumped after reporting results, while a takeover offer for Mylan NV pushed the Nasdaq composite index higher.

At the close on Wall Street, the Dow was down 85.3 points, about 0.5 percent, at 17,949.6. The Standard & Poor's 500 index was off 3.1 points, about 0.2 percent, at 2,097.3. The Nasdaq composite closed up 19.5 points, about 0.4 percent, at 5,014.1.

U.S. benchmark crude oil was down $1.30 at $56.58 as markets closed.

DuPont tumbled 3 percent after saying the dollar is putting pressure on full-year profit. Travelers tumbled 4 percent as first-quarter profit fell 21 percent. Biotechnology shares rallied as Teva Pharmaceutical Industries Ltd. proposed to buy Mylan for about $40.1 billion.

"Earnings have been a little better than reduced expectations, and with interest rates as low as they are, corporations like Teva are able to continue issuing debt at basically free levels," said analyst Andrew Brenner, the head of international fixed income for National Alliance Capital Markets.

The S&P 500 is 0.9 percent away from a record reached on March 2, the same day the Nasdaq composite topped 5,000 for the first time in 15 years. The S&P 500 climbed 0.9 percent Tuesday with a rally in technology shares, recovering nearly all of Friday's sell-off.

While equity indexes from Asia to Europe have climbed to multiyear highs in the past week, the S&P 500 has struggled to reach its March 2 record with two drops of more than 2.5 percent. While an energy rally took the gauge to within 10 points of an all-time high this past Wednesday, it has stalled short of the mark 35 straight days, the longest streak since June 2013.

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