NEW YORK (AP) - U.S. stocks are mostly higher Wednesday, keeping major indexes at record highs. Bond yields are falling, and investors who seek income are buying stocks that pay large dividends, like real estate investment trusts, utilities and phone companies. Pfizer and other large drugmakers are taking steep losses.
KEEPING SCORE: The Dow Jones industrial average edged up 12 points, or 0.1 percent, to 19,263 as of 10:40 a.m. Eastern time. The Standard & Poor's 500 index added 2 points, or 0.1 percent, to 2,214, one point above its most recent all-time high. The Nasdaq composite fell 10 points, or 0.2 percent, to 5,323. The Dow closed at a record high on Tuesday. So did the Russell 2000, an index of smaller companies. The Russell slipped 0.2 percent Wednesday.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.35 percent from 2.39 percent. Bond yields have risen sharply this year but have slipped in the last few days. That's helped stocks that are seen as similar to bonds, like real estate investment trusts. Their big dividends are attractive to investors who want income, so when bond yields fall, investors often turn to those stocks. Industrial real estate company Prologis rose $1.03, or 2 percent, to $51.73 and electricity and natural gas company Exelon added 41 cents, or 1.2 percent, to $33.46.
PFINED: In an unusual step, British regulators fined Pfizer about $90 million for raising the cost of an epilepsy drug. The Competition and Markets Authority said Pfizer and distributor Flynn Pharma removed the official brand of Epanutin so they could increase the price, and the National Health Service saw its bill for drug climb to 50 million pounds in 2013 from 2 million pounds the year before.
Flynn was also fined, and both companies say they plan to appeal. In morning trading, Pfizer gave up 87 cents, or 2.8 percent, to $30.69.
BITTER PILL: Other drug companies also stumbled. Merck lost $1.07, or 1.8 percent, to $59.21. Johnson & Johnson fell $2.07, or 1.8 percent, to $109.99. Drug distributor McKesson sank $7.81, or 5.4 percent, to $137.59 and biotech drugmaker Amgen gave up $4.16, or 2.9 percent, to $140.95.
GAME ON: Dave & Buster's Entertainment, which owns a chain of restaurants and arcades, reported a bigger profit and higher sales than analysts had expected. The company also raised its forecasts for the year. Its stock jumped $7.80, or 16.3 percent, to $55.80.
WILD WESTERN: Hard drive maker Western Digital climbed $4.04, or 6.3 percent, to $67.89 after it extended a patient licensing deal with Samsung. The new deal will last until the end of 2024. Western Digital raised its revenue outlook after making the announcement.
BAGGED: Handbag and accessories maker Vera Bradley sank after it posted weak results and issued a disappointing outlook for the current quarter. Its stock, which has jumped more than 20 percent this year, shed 88 cents, or 6 percent, to $13.79.
STEEL DEAL: AK Steel said it will raise base prices for all of its stainless steel products starting Jan. 1. The company's stock gained 31 cents, or 2.9 percent, to $10.86.
ENERGY: Benchmark U.S. crude lost 98 cents, or 1.9 percent, to $49.95 a barrel in New York. Brent crude, the international standard, slid 78 cents, or 1.4 percent, to $53.15 a barrel in London.
EUROPE STIMULUS: Investors are also preparing for the European Central Bank to expand its bond-buying stimulus program on Thursday. The central bank is expected to extend the program beyond the current end date of March. The program aims to push up growth and inflation, buoying stock markets. European stock indexes climbed. Germany's DAX gained 1.9 percent and the FTSE 100 in Britain rose 1.5 percent. The CAC 40 of France picked up 1 percent.
CURRENCIES: The dollar slipped to 113.74 yen from 114.05 yen. The euro rose to $1.0761 from $1.0715.
ASIAN MARKETS: Japan's benchmark Nikkei 225 rose 0.7 percent and the South Korean Kospi inched up 0.1 percent. The Hang Seng in Hong Kong gained 0.5 percent.
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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay