US stocks move lower; Deere sinks

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Associated Press

Posted on May 14, 2014 at 4:02 PM

Updated Wednesday, May 14 at 4:02 PM

NEW YORK (AP) — U.S. stocks are closing lower a day after the market hit its latest all-time high.

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

The Standard & Poor's 500 index fell eight points, or 0.5 percent, 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 percent, to 16,613. The Nasdaq fell 29 points, or 0.7 percent, to 4,100.

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

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

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

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