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US stocks turn mixed in afternoon trading as oil slides

U.S. stock indexes wavered between small gains and losses in afternoon trading Tuesday, reversing some of Monday’s gains. Energy stocks weighed on the market as the price of crude oil veered lower. Health care, technology and consumer-focused companies were among the gainers.

KEEPING SCORE: The Dow Jones industrial average slid 17 points to 18,512 as of 2:36 p.m. Eastern time. The Standard & Poor’s 500 index fell 2 points to 2,179. The Nasdaq composite index added 7 points, or 0.1 percent, to 5,221.

THE QUOTE: With nearly 90 percent of S&P 500 companies already reporting, earnings this quarter have been OK, while revenue growth has not been as bad as expected, said Bob Doll, chief equity strategist at Nuveen Asset Management.

“We’re slowly turning the corner and exiting (the) earnings recession,” Doll said. “The worst quarter, year-over-year, was the first quarter. While the second quarter wasn’t great, it was less bad. The third and fourth quarters will continue that.”

BACK IN BLACK: Endo International vaulted 20.4 percent a day after the medical device maker reported that it returned to profit in the second quarter. The Dublin-based company’s shares gained $3.71 to $21.90.

ON THE MEND: Valeant Pharmaceuticals surged 22.8 percent after the Canadian drugmaker stuck by its earnings outlook from earlier this year, despite reporting a wider second-quarter loss. The company also said it is undergoing a restructuring. The stock added $5.11 to $27.54.

BETTER QUARTERS: Chemicals company Chemours and solar energy seller Vivint Solar rose sharply after posting better-than-expected earnings. Chemours added $1.16, or 12.5 percent, to $10.48, while Vivint gained 38 cents, or 11.9 percent, to $3.57.

RETAIL THERAPY: Retailers were among the biggest laggards. Gap sank 6.3 percent after reporting lower sales in the second quarter and in July. The stock dropped $1.61 to $24.01. Kohl’s also fell, shedding $1.62, or 4.1 percent, to $37.75. Target slid $2.40, or 3.2 percent, to $72.60.

ROUGH SEAS: Shares in two of the biggest cruise line operators were down. Royal Caribbean Cruises slid $4.90, or 6.6 percent, to $69.08, while Carnival lost $1.38, or 3 percent, to $45.10.

ENERGY: An early rally in U.S. crude oil prices evaporated. Benchmark U.S. crude was down 28 cents, or 0.7 percent, to $42.74 per barrel in New York. Brent crude, used to price international oils, was down 41 cents, or 0.9 percent, to $44.98 per barrel in London.

MARKETS OVERSEAS: In Europe, Germany’s DAX rose 2.5 percent, while France’s CAC 40 gained 1.2 percent. Britain’s FTSE 100 added 0.6 percent. In Asia, Japan’s Nikkei 225 finished 0.7 percent higher, while South Korea’s Kospi climbed 0.6 percent. Hong Kong’s Hang Seng index fell 0.1 percent, while China’s Shanghai Composite Index gained 0.7 percent. Stocks in Australia, Taiwan and the Philippines were higher.

STIMULUS SPECULATION: A measure of consumer price growth in China declined in July for the third month in a row and came in below the government’s inflation target. The data, which followed a drop in Chinese exports last month, fueled investors’ expectations that Beijing will implement more stimulus measures in a bid to soften the economy’s slowdown.

METALS: The price of gold rose $5.60, or 0.4 percent, to $1,339 an ounce. Silver added 4 cents, or 0.2 percent, to $19.85 an ounce. Copper slipped 2 cents, or 0.7 percent, to $2.15 a pound.

BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.54 percent from 1.59 late Monday. In currency markets, the dollar fell to 101.88 yen from 102.47 yen on Monday, while the euro strengthened to $1.1108 from $1.1083.

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