U.S. stocks seesawed Wednesday as investors weighed a series of mixed corporate earnings. After fluctuating in morning trading, the Dow gained roughly 70 points in afternoon trading; General Motors Company (NYSE:GM) gained 5 percent after the automaker topped Wall Street’s earnings forecasts.
Equities turned lower in morning trading after shares of Valeant Pharmaceuticals were halted after plunging 30 percent, weighing on the Nasdaq’s biotech sector. Valeant’s stock tumbled following Citron Research’s report that questioned whether the company was the “Pharmaceutical Enron.”
Seven of the 10 sectors in the Standard & Poor’s 500 index traded higher, led by a 0.5 percent gain in telecom stocks. The healthcare sector was the biggest laggard, shedding more than 1 percent.
The Dow Jones Industrial Average (INDEXDJX:.DJI) added 69 points, or 0.4 percent, to 17,286. The Standard & Poor’s 500 index (INDEXSP:.INX) edged up 2 points, or 0.11 percent, to 2,033. However, the Nasdaq composite (INDEXNASDAQ:.IXIC) fell 1.11 points, or 0.02 percent, to 4,880.