U.S. stocks closed mostly lower Tuesday, with the Dow Jones Industrial Average briefly dropping more than 100 points in afternoon trading, as shares of DuPont Co. (NYSE:DD) fell nearly 3 percent after the chemical company lowered its earnings outlook for the year, due to a strong dollar. Meanwhile, the Nasdaq composite climbed above 5,000 on Tuesday, boosted by gains from merger and acquisition activity in biotechnology.
The Dow (INDEXDJX:.DJI) dropped 82.14 points, or 0.46 percent, to close at 17,952.79. The Standard & Poor's 500 (INDEXNASDAQ:.IXIC) dipped 3.03 points, or 0.14 percent, to finish at 2,097.37. However, the Nasdaq composite (INDEXSP:.INX) added 19.50 points, or 0.39 percent, to end at 5,014.10.
The Nasdaq biotechnology sector rallied nearly 2 percent Tuesday after generic drugmaker Teva Pharmaceutical Industries Ltd. made an unsolicited offer to buy smaller rival Mylan NV (NASDAQ:MYL) for $40 billion. Following the announcement, shares of Mylan soared 8.85 percent Tuesday to close at $74.07.
After the closing bell, Yahoo! Inc., Chipotle Mexican Grill Inc. and Yum! Brands Inc. are scheduled to post quarterly earnings.
Crude oil closed lower Tuesday ahead of the U.S. Energy Information Administration’s oil inventories report, to be released at 10:30 a.m. Wednesday. U.S. stockpiles rose by 1.29 million barrels to 483.69 million barrels in the week to April 10, the EIA reported last week. The rise in weekly inventories was less than expected.
West Texas Intermediate crude, the benchmark for U.S. oil prices, fell 1.99 percent to $55.26 a barrel, for May 15 delivery, on the New York Mercantile Exchange. Brent crude, the benchmark for global oil prices, fell 2 percent to $62 a barrel, for June 15 delivery, on the London ICE Futures Exchange.