Stocks Retreat From Record Highs; Deere Shares Surge on Earnings

U.S. stocks pulled back Wednesday, from their record highs on Tuesday, when the Dow Jones Industrial Average crossed 19,000 and the S&P 500 topped 2,200.
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U.S. stocks pulled back Wednesday from their record highs on Tuesday, when the Dow Jones Industrial Average crossed 19,000 and the S&P 500 topped 2,200. The markets are following a slew of economic data points. Weekly jobless claims rose by 18,000 over the past week to 251,000. Durable goods orders for October rose 4.8%, topping economists' estimates of 1.5%. Deere (DE) - Get Report shares were in focus after reporting earnings of 90 cents a share, crushing estimates of $0.40. The company expects fiscal 2017 sales to fall 1% year over year. Eli Lilly (LLY) - Get Report shares tanked after a late-stage trial of an Alzheimer's drug failed. The stock was near its lowest level in two years. Urban Outfitters (URBN) - Get Report shares were plunging after analysts at Wunderlich Securities cut the retailer's price target to $32 a share from $40. The stock now trades near $36. The analysts downgraded the stock to hold from buy.