S&P 500 index pulls back from a record high

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Associated Press

Posted on June 3, 2014 at 9:02 AM

Updated Tuesday, Jun 3 at 9:11 AM

NEW YORK (AP) — U.S. stocks are pulling back from record levels in midday trading.

Krispy Kreme Doughnuts slumped 14 percent after the company cut its forecast for earnings this year, citing higher costs and fewer sales than previously estimated.

Hillshire Brands jumped 9 percent as the bidding war for the sausage maker heated up. Tyson Foods and Pilgrim's Pride are competing to buy the company.

The Standard & Poor's 500 index fell six points, or 0.3 percent, to 1,918 as of noon Eastern time Tuesday.

The Dow Jones industrial average lost 44 points, or 0.3 percent, to 16,698. Verizon fell the most in the Dow.

The Nasdaq composite fell 20 points, or 0.5 percent, to 4,216.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.57 percent.

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