Wall Street retreated from record levels on Wednesday after a drop in oil prices pressured energy stocks, while shares of Walt Disney surged on its results and an acquisition. Bobbi Rebell reports.
Stocks pulling back just a bit from Tuesday's record levels. Energy among the weak sectors, with Exxon Mobil a drag on the Dow in a low volume session. Nicholas Colas, chief market strategist at Convergex: (SOUNDBITE) NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX, (SAYING) ENGLISH: "If you think back over the last couple of months, how many investors have told us to get out of the market. Bill Gross, Jeff Grundlach, Stan Druckenmiller, George Soros, Carl Icahn. They have all said flat out stocks are overvalued and you shouldn't invest. And we've also heard from our institutional customers that they are quite a bit wary about the high valuations and low volatility that we are seeing right now. So even though we are at all time highs and you would think that is great, there is a lot of distrust about this rally. " Disney stock on the rise after announcing a 33 percent stake in video-streaming firm BAMTech after the close on Tuesday. Disney earnings also beat estimates fueled by movie studio hits. JD.com stock a big winner lifting the Nasdaq. China's second biggest e-commerce company reported revenue that was within company forecasts. Michael Kors reporting a more than seven percent drop in first quarter same-store sales. Fewer shoppers visited malls and the strong dollar discouraged tourists from spending on its handbags and accessories. In Europe, the major indexes were mostly lower on weak earnings reports.