Stocks head lower in early trading on Wall Street
The stock market slipped lower Tuesday morning after major indexes reached another record high the day before. Shares of RadioShack are sliding as the retailer's losses mount.
The Standard & Poor's 500 index is down three points, or 0.2 percent, to 1,948 as of 10 a.m. Eastern. The S&P 500, the most widely used benchmark for mutual funds, crept to another record high on Monday
The Dow Jones industrial average fell 30 points, or 0.2 percent, to 16,911 early Tuesday, while the Nasdaq gave up five points, or 0.1 percent, to 4,331.
ON SALE: RadioShack's stock fell 12 cents, or 7.8 percent, to $1.42 after the retailer posted a deeper loss than analysts had expected. Sales also slumped.
BUY BACK: MetLife Inc.'s stock rose 19 cents, or 0.3 percent, to $54.84 in early trading after the insurer said Tuesday that it plans to buy its own shares for the first time in about six years, with the goal of spending up to $1 billion on its own stock.
FOREVER YOUNG: Botox maker Allergan rejected a buyout offer from Valeant Pharmaceuticals and Bill Ackman's Pershing Square Capital Management, saying the $53 billion bid undervalues the company and creates too much risk. Allergan's stock rose 58 cents, or 0.4 percent, to $164.73.
EUROPE: The region's major stock indexes are little changed. Germany's DAX is essentially flat while France's CAC-40 is down 0.1 percent. In the U.K., the FTSE 100 index is off 0.3 percent.
BONDS AND COMMODITIES: In the market for U.S. government bonds, the yield on the 10-year Treasury inched up to 2.65 percent from 2.61 percent late Monday. Yields rise when bond prices fall. The price of oil rose 32 cents to $104.73 a barrel.
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