Stocks drift between gains and losses in afternoon trade
Stocks drift between gains and losses in afternoon trade
Phone and health care companies were the biggest laggards, while technology and consumer goods stocks were holding on to slight gains.
Concerns about the implications of a rising dollar, a possible interest rate hike from the Federal Reserve this year and weak earnings are weighing on the market, said Krishna Memani, chief investment officer at OppenheimerFunds.
General Electric fell 0.7 percent after the company said its latest quarterly sales fell more than anticipated due to weaker results from its lighting and transportation businesses.
McDonald's rose 3.3 percent after the world's biggest hamburger chain served up earnings and revenue that exceeded Wall Street's expectations.
Reynolds was evaluating the offer, which analysts say would help both sides overcome a decline in smoking rates in their home markets and competition from electronic cigarettes.
World stock markets drifted mostly lower as investors increasingly factored in the likelihood of a U.S. interest rate increase this year.
Earlier in Asia, Japan's benchmark Nikkei 225 index lost 0.3 percent, while South Korea's Kospi lost 0.4 percent.
After an early slide, crude oil prices recovered in afternoon trading.