Closing Bell: Bristol-Myers Squibb Leads Healthcare; U.S. Stocks Slide as Defensive Names Slip

Stock losses escalated in the final hour as an increase in Treasury yields hit defensive names in the utilities and materials sectors.
Author:
Publish date:

Stock losses escalated in the final hour as an increase in Treasury yields hit defensive names in the utilities and materials sectors. Bond prices fell on diminished hopes of further monetary stimulus from some of the world's largest central banks. Bristol-Myers Squibb (BMY) - Get Report led the healthcare sector after laying out plans to reorganize, including redirecting spending toward key brands. The drugmaker also topped third-quarter earnings and increased its full-year outlook.  CenturyLink (CTL) - Get Report spiked on reports it is in advanced talks to merge with Level3Communications (LVLT) . A deal could be announced in weeks. Anadarko (APC) - Get Report climbed on reports Sanchez (SN) - Get Report and Blackstone (BX) - Get Report could team up to purchase its South Texas assets. A deal could value the assets between $3 billion and $3.5 billion. TheStreet's Keris Lahiff has details from Wall Street.