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The Dow and S&P 500 earlier hit intraday highs, with Wal-Mart and Apple at all-time records.
Wal-Mart rose 4.2 percent to $82.50 after posting a 2.9 percent increase in third-quarter revenue. It earlier hit a high of $82.85.
Apple rose as high as $113.45 to a fresh record while Microsoft, up 1.2 percent at $49.35, swelled to a market cap above $407 billion and overtook Exxon Mobil as the second-largest publicly traded U.S. company, behind Apple.
Exxon fell 1.5 percent to $93.93 as the largest weight on the S&P 500 energy sector, which fell 2.7 percent. Brent crude fell to $78 a barrel while U.S. crude tumbled 3 percent to $74.84, both at their lowest in more than four years. [O/R]
Despite the fall in energy prices, gains in consumer stocks were small. Discretionary items are expected to see increased demand as lower gasoline costs free cash from consumers.
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