MARKET SNAPSHOT: U.S. Stocks Pause After 4 Days Of Gains

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market edged lower on Wednesday, pausing after four straight sessions of gains that sent the S&P 500 index above 1,900 to a record close.

The S&P 500 (SPX) was a point higher at 1,912.46 at midday. The Dow Jones Industrial Average (DJI) eased 15 points, or 0.1%, to 16,654.89. The Nasdaq Composite (RIXF) shed 2 points, or 0.1%, to 4,233.15.

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"There were a few disappointing earnings, deal new between Valeant and Allergan fell through. So, markets are taking a pause," said Kim Caughey Forrest, investment analyst at Fort Pitt Capital. "Still, the bias in the stock market this year is upward. It seems like people are buying every dip, which are turning out to be very shallow."

In corporate news, Michael Kors Holdings Ltd. (KORS) shares swung between big gains and losses and by midday were flat, after the luxury retailer's fiscal fourth-quarter profit topped estimates.

PetroLogistics L.P. (PDH) shares surged 10% on the news that a subsidiary of Koch Industries Inc. agreed to buy the company, which produces propylene, in a deal worth about $2.1 billion in cash, including debt.

Toll Brothers Inc. (TOL) shares were up 2.2% after the home builder reported better-than-expected fiscal second-quarter results.

Shares of Workday Inc. (WDAY) rose 3.6% after the enterprise cloud-application company late Tuesday reported a smaller-than-expected adjusted loss. Total revenue rose to $159.7 million from $91.65 million, beating estimates.

DSW Inc. (DSW) shares slumped 27% after the discount shoe retailer cut its forecast for full-year results. DSW also posted first-quarter results that fell short of analyst estimates.

Shares of 3D Systems Corp. (DDD) fell 9.3% after the 3-D printer late Tuesday announced a secondary offering of approximately 6 million shares.

Twitter Inc. (TWTR) shares climbed 5.1% after Nomura upgraded the stock to buy from neutral,. It said investors have fully priced in the expectation that the short-messaging, social-media company will remain a niche player.

Oil and gold slip

In other financial markets, European stocks posted marginal losses, while Asian stocks closed mostly higher on the back of Wall Street gains.

U.S. Treasury prices surged Wednesday, sending the benchmark 10-year Treasury note (10_YEAR) yield to its lowest of the year on a closing basis. The 10-year yield, which falls as prices rise, sank 5 basis points on the day at 2.470%.

Across other markets, oil (CLN4) and gold (GCM4) prices were marginally lower, and the dollar (DXY) was pushing higher.

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