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Mylan N.V.

Stocks close mixed: Nasdaq jumps above 5000, Dow sags

Ed Brackett
USA TODAY

Stocks closed mixed Tuesday as the Nasdaq jumped back above 5000 but the Dow was dragged lower by mixed earnings news.

The Nasdaq composite index rose 19.50 points, or 0.4%, to 5014.10. The tech-heavy index is moving back up towards record levels as it rose as high as 5028.22, coming just 20 points shy of its all-time closing high of 5048.62, set May 10, 2000.

The Dow Jones industrial average fell 85.34 points, or 0.5%, to 17,949.59 and the Standard &Poor's 500 index dropped 3.11 points, or 0.2%, to 2097.29.

On the floor of the New York Stock Exchange.

Health care and biotech stocks led the market higher. In a potentially $40 billion pharma deal, Teva Pharmaceutical offered $82 per share for Mylan. Teva shares rose 1.9% and Mylan surged 8.9%.

In earnings news:

■ Dow component DuPont topped first-quarter earnings forecasts but sales fell 9%, dragged down by adverse currency impacts from a strong dollar. DD dropped 3%.

Also a drag on the Dow: Verizon, which reported mixed results. VZ dropped 0.4%.

■ Another of the 30 companies in the Dow, Travelers, reported quarterly profit of $833 million. TRV sank 4% on the Street miss.

■ Bucking the negative Dow component trend, United Technologies reported a quarterly profit jump of 18%. UTX shares rose 0.4%.

Credit Suisse reported improved first-quarter profits Tuesday based in part on what the Swiss banking giant said was strong performance by its wealth management clients division. Nevertheless, CS fell 1.8%.

Gannett said adjusted first quarter earnings rose 4%. GCI -- owner of USA TODAY and other media properties -- gained 2.5%.

World stock markets leaped higher, boosted by investor optimism over recent stimulus efforts, market reform measures in China and quarterly earnings from U.S. and European companies.

European stocks climbed, with Germany's DAX ending up 0.4%. Benchmarks in London and Paris lifted about 0.1% apiece.

In Asia, Japan's Nikkei 225 index surged 1.4% and Hong Kong's Hang Seng index rose 2.8% to close at 27,850.49. The Shanghai Composite gained 1.8%.

Stocks moved in the black Monday, powered by better-than-expected earnings reports and more stimulus from China's central bank.

Contributing: Adam Shell, Kevin McCoy

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