US stocks move lower as earnings disappoint; Allstate slumps

Stocks are closing slightly lower as investors focus on the latest earnings and deal news.


Allstate sank 10 percent Tuesday after its results came up far short of what analysts were expecting.

Drugmaker Baxalta surged 12 percent after Irish rival Shire offered to buy the company for $30 billion.

The Dow Jones industrial average fell 47 points, or 0.3 percent, to 17,550.

The Standard & Poor's 500 index gave up four points, or 0.2 percent, to 2,093.

The Nasdaq composite declined nine points, or 0.2 percent, to 5,105.

Bond prices fell after the Wall Street Journal reported that a Federal Reserve official said the economy was ready for higher interest rates.

The yield on the 10-year Treasury note rose to 2.22 percent.