US stocks move lower a day after latest record high; Deere sinks after revenue disappoints

The Associated Press
May 14, 2014 01:14 PM

NEW YORK, N.Y. - U.S. stocks are closing lower a day after the market hit its latest all-time high.

Investors favoured safer stocks over riskier ones. U.S. government bonds also rallied.

The Standard & Poor's 500 index fell eight points, or 0.5 per cent, to close at 1,888 Wednesday. On Tuesday the index traded above 1,900 points for the first time.

The Dow Jones industrial average fell 101 points, or 0.6 per cent, to 16,613. The Nasdaq fell 29 points, or 0.7 per cent, to 4,100.

Deere fell 2 per cent after the company reported lower income as demand for farming equipment weakened.

Fossil Group fell 10 per cent after the watch, jewelry and accessories maker issued a weak forecast.

The yield on the 10-year Treasury note fell to 2.54 per cent, the lowest level in more than six months.

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