The S&P 500 slipped 0.29% to 1,621.37 in afternoon trading Wednesday.
The Dow Jones industrial average was down 0.28% to 15,079.70, while the Nasdaq was off 0.43% to 3,422.02.
The yield on a 10-year Treasury bond rose 0.36% to 2.20%.
The price of gold was up 1.07% to $1,391.80 per ounce.
Anahaeim-based drug maker Questcor Pharmaceuticals Inc. continued its rise from Tuesday, climbing about 11% to $46.66 for a market value of $2.7 billion. Questcor's shares shot up as much as 22% on Tuesday after the company said it bought an inflammatory and autoimmune disease drug from Novartis AG.
Newport Beach-based American Vanguard Corp. was down about 2% to $$29.57 for a market value of $834.73 million. Chemical companies were generally down on Wednesday. American Vanguard said Tuesday that its board approved quarterly dividend payments, which replace the company’s semi-annual payment policy.