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Stocks drift lower even as oil jumps above $60 a barrel; Disney, Estee Lauder rise on earnings

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NEW YORK — Stocks are moving lower in midday trading following two days of gains that brought the market close to a record high.

Vornado Realty Trust slumped 3 percent Tuesday after reporting results that fell short of analysts' forecasts.

PHOTO: Trader Michael Smyth, right, works on the floor of the New York Stock Exchange Tuesday, May 5, 2015. Stocks are little changed in early trading following two days of gains that brought the market close to a record high. (AP Photo/Richard Drew)
Trader Michael Smyth, right, works on the floor of the New York Stock Exchange Tuesday, May 5, 2015. Stocks are little changed in early trading following two days of gains that brought the market close to a record high. (AP Photo/Richard Drew)

Other companies rose after reporting earnings that beat estimates. Disney rose 1 percent and Estee Lauder jumped 6 percent.

Energy stocks did better than the rest of the market as the price of oil climbed above $60 a barrel. Oil hasn't closed above that level since December.

The Standard & Poor's 500 index fell 15 points, or 0.8 percent, to 2,098 as of 11:45 a.m. Eastern time Tuesday.

The Dow Jones industrial average lost 92 points, or 0.5 percent, to 17,975. The Nasdaq composite fell 63 points, or 1.3 percent, to 4,953.

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