The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks gave up an early gain and closed mostly lower after a sharp drop in the price of crude oil dragged energy companies down.

A weak showing by IBM also weighed on technology stocks Wednesday and tugged the Dow Jones industrial average lower. IBM slumped 4.9 percent after reporting revenue that fell short of analysts' estimates.

Among energy companies, Marathon Oil dropped 4.3 percent and Newfield Exploration sank 3.5 percent.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,338.

The Dow dropped 118 points, or 0.6 percent, to 20,404. The Nasdaq composite increased 13 points, or 0.2 percent, to 5,863.

More stocks fell than rose on the New York Stock Exchange.

Bond prices fell. The yield on the 10-year Treasury rose to 2.21 percent.

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11:45 a.m.

U.S. indexes are mostly higher in midday trading, led by gains in retailers and health care stocks.

Nordstrom rose 2.5 percent and Cigna gained 1.3 percent Wednesday.

Carmakers and auto parts companies are also rising, but investors are selling high-dividend companies as bond yields increase.

Steep losses for IBM are dragging the Dow Jones industrial average lower.

Morgan Stanley jumped 2.7 percent after reporting higher earnings than analysts were expecting, thanks partly to strong trading results.

The Standard & Poor's 500 index rose 5 points, or 0.3 percent, to 2,347.

The Dow edged down 33 points, or 0.2 percent, to 20,488.

The Nasdaq composite increased 39 points, or 0.7 percent, to 5,889.

Bond prices fell. The yield on the 10-year Treasury rose to 2.22 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street, led by solid gains in banks.

Investment bank Morgan Stanley jumped 3.3 percent in the first few minutes of trading Wednesday after reporting higher earnings than analysts were expecting, thanks partly to strong trading results.

Rising bond yields were also helping banks. Higher yields allow banks to charge higher interest rates on loans. Bank of America rose 1.6 percent.

IBM slumped 4.9 percent after reporting sales that missed estimates.

The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,349.

The Dow Jones industrial average edged up 6 points, less than 0.1 percent, to 20,529.

The Nasdaq composite increased 30 points, or 0.5 percent, to 5,880.

Bond prices fell. The yield on the 10-year Treasury rose to 2.20 percent.