(MENAFN- ProactiveInvestors) U.S. shares seesawed today as investors digested a batch of uninspiring earnings reports and a proposed biotech merger.
The S&P 500 (INDEXSP:.INX) skidded 0.1 percent to 2097 at 3:44 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.5 percent to 17948 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) gained 0.4 percent to 5014.
March-quarter earnings season is in full swing with almost 73 percent of the S&P 500 components that have reported so far beating bottom-line expectations but just 42.2 percent beating expectations for revenue.
Investors are measuring how much a strong dollar has punished U.S. multinationals including technology companies like Qualcomm that sell many of their products and services overseas and are expected to report their earnings this week.
MOVERS:
International Business Machines () fell 1.2 percent to $164.15. The world’s largest computer-services provider reported mixed results with higher earnings and decreased revenue.
() declined 3.1 percent to $70.59 after the chemical maker posted lower sales in all of its businesses and forecast a strong dollar would take a bigger toll on its full-year earnings than it had previously expected.
Mylan () jumped 8.9 percent to $74.11 after Bloomberg reported that Israeli drugmaker Teva (NYSE:TEVA) is preparing an unsolicited bid for the UK-based company in what could be the drug industry's largest takeover attempt this year. ADRs of Teva gained 1.1 percent to $63.97.
() rose 1.8 percent to $120.83 after saying a study of its experimental patisiran drug showed promising results for patients with a rare nerve disease.
Holding (NYSE:AMTD) slipped 2.8 percent to $35.40 after reporting a surprise decline in revenue in the first quarter as market volatility slowed client activity.
() surrendered 4.8 percent to $83.59 as sales fell below expectations due to currency volatility and cost related to acquisitions.
COMMODITIES:
Gold for June delivery on Comex rose 0.8 percent to settle at $1203.10 an ounce.
West Texas Intermediate for May delivery fell 2 percent to settle at $55.26 a barrel on the New York Mercantile Exchange.
OTHER MARKETS:
European stock markets finished higher. The Stoxx Europe 600 index climbed 0.6 percent.
Japanese and Chinese stocks closed firmly in positive territory. Tokyo jumped 1.40 percent and Shanghai rallied 1.8 percent. Hong Kong surged 2.8 percent.
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