Stocks Surrender Gains, Close With Minor Losses

Meanwhile, Boeing (BA Quote) looked headed for trouble as negotiations with its machinist union broke down. Boeing's machinists have been on strike for five weeks. The stock lost 4.3% to $45.07.

As for corporate earnings, consumer-products developer Johnson & Johnson reported third-quarter earnings that rose year over year and topped estimates. Shares added 2.1% to $64.

PepsiCo (PEP Quote) wasn't as rosy, announcing it would reduce its workforce and reporting falling profit. The stock dropped 12% to $54.40.

In the realm of commodities, crude oil shed $2.56 to close at $78.63 a barrel. Gold was unchanged at $839.50 an ounce.

Longer-dated U.S. Treasury securities were declining in price. The 10-year note was down 24/32, yielding 4.07%. The 30-year was losing 2-12/32 to yield 4.27%. The dollar was rallying vs. the yen but falling against the euro and pound.

Abroad, European indices including the FTSE in London and the DAX in Germany were trading higher. Looking at Asian markets , Japan's Nikkei closed 14.2% higher, a one-day record, and Hong Kong's Hang Seng closed with gains.