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Stocks Drift Lower On First Day Of Earnings Season

The treaty would strengthen controls of spending by the 17 countries that use the euro. Excessive borrowing by nations such as Greece and Italy has hurt the European economy and roiled the financial industry.

About two stocks rose for every one that fell on the New York Stock Exchange.

In other corporate news:

â¿¿ Netflix Inc. shot up 13.8 percent after the company made its debut in Britain and Ireland. The stock has gained 28 percent this year, best in the S&P 500. Netflix traded above $300 last summer, then plunged to $62 after the company surprised customers with a price increase.

â¿¿ CareFusion Corp. plunged 8.6 percent, the most in the S&P 500. The company, which makes medical equipment, announced preliminary results that were weaker than analysts had expected.

â¿¿ Inhibitex Inc., which makes medicine to treat hepatitis C, soared 140 percent after Bristol-Myers Squibb said over the weekend that it would buy the company for $2.5 billion. Other developers of hepatitis C treatments followed the rally. Idenix Pharmaceuticals Inc. jumped 37 percent, and Achillion Pharmaceuticals Inc. added 22.7 percent.

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Follow Daniel Wagner at www.twitter.com/wagnerreports.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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