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US stocks edge lower on disappointing earnings; Allstate slumps on weak results

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NEW YORK — Stocks are edging lower in midday trading as investors focus on the latest earnings and deal news.

Allstate sank 12 percent Tuesday after its results came up far short of what analysts were expecting.

Drugmaker Baxalta surged 17 percent after Irish rival Shire offered to buy the company for $30 billion.

The Dow Jones industrial average slipped 12 points, less than 0.1 percent, to 17,585 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 index lost a point to 2,097.

The Nasdaq composite gave up seven points, or 0.1 percent, to 5,108.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.18 percent.

PHOTO: FILE - This Jan. 4, 2010, file photo, shows an historic marker on Wall Street in New York. Global stocks were uneven Tuesday, Aug. 4, 2015, as weak Chinese manufacturing weighed on sentiment and investors looked ahead to a U.S. jobs report later this week that could cement expectations for a Fed interest rate hike. (AP Photo/Mark Lennihan, File)
FILE - This Jan. 4, 2010, file photo, shows an historic marker on Wall Street in New York. Global stocks were uneven Tuesday, Aug. 4, 2015, as weak Chinese manufacturing weighed on sentiment and investors looked ahead to a U.S. jobs report later this week that could cement expectations for a Fed interest rate hike. (AP Photo/Mark Lennihan, File)

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Photo Gallery:
PHOTO: Traders gather at a post on the floor of the New York Stock Exchange, Tuesday, Aug. 4, 2015. Stocks are mostly higher in early trading as investors focus on the latest earnings and deal news. (AP Photo/Richard Drew)
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