NEW YORK (AP) — Stocks are wobbling in early trading Wednesday. Health care companies are trading higher, energy companies are rising along with the price of oil and telecommunications companies are slipping. Indexes have slumped over the last two days and the market is coming off its worst day in about a month.
KEEPING SCORE: The Dow Jones industrial average lost 10 points to 17,593 as of 10:05 a.m. Eastern time. The Standard & Poor’s 500 index rose three points, or 0.2 percent, to 2,048. The Nasdaq composite index picked up 22 points, or 0.5 percent, to 4,865.
DRUGS DEAL: Health care stocks made the largest gains. Pfizer and Allergan both rose after they called off their $160 billion merger, as expected, after the Treasury Department introduced new tax rules that made the deal far less appealing. Pfizer added 70 cents, or 2.2 percent, to $32.07. Allergan, which dropped 15 percent on Tuesday, rose $4.77, or 2 percent, to $241.63.
Biotechnology companies also rose. Cancer drug maker Celgene gained $3.06, or 3 percent, to $105.18 and Vertex Pharmaceuticals climbed $2.69, or 3.2 percent, to $86.85.
STELLAR: Constellation Brands rose $5.79, or 3.8 percent, to $157.15. The owner of Corona, Negra Modelo and Pacifico beers reported solid quarterly results and raised its profit forecasts for the year.
ENERGY: Benchmark U.S. crude rose 90 cents, or 2.5 percent, to $3.79 a barrel in New York. Brent crude, a benchmark for international oils, added 70 cents, or 1.8 percent, to $38.57 a barrel in London. Oil prices have sunk over the last few days.
DIM THE LIGHTS: Lighting maker Cree said its sales will fall far short of expectations because of new product delays and software problems. The company said it may take a loss in the third quarter. Its stock lost $4.85, or 16.7 percent, to $24.20.
PAY UP: Electronic payment processing company Global Payments gained $4.10, or 6.3 percent, to $69.25 after it posted strong quarterly results.
DIVIDEND DROP: Telecom stocks fell after AT&T and Verizon, the largest companies in the sector, prepared to pay billions of dollars in quarterly dividends. AT&T lost three cents to $38.68 and Verizon shed 17 cents to $53.36.
OVERSEAS: Britain’s FTSE 100 rose 0.5 percent and the CAC 40 in France added 0.2 percent. Germany’s DAX lost 0.3 percent. Japan’s Nikkei 225 closed 0.1 percent lower and the Hang Seng index in Hong Kong rose 0.2 percent. South Korea’s KOSPI rose 0.4 percent to 1,971.32.
BONDS, CURRENCIES: Bond prices fell. The yield on the 10-year U.S. Treasury note rose to 1.74 percent from 1.72 percent. The U.S. dollar dipped to 110.05 yen from 110.49 yen. The euro rose to $1.1387 from $1.1385.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay