Stocks Pull Back in Afternoon Trading

NEW YORK (AP) -- Stocks are pulling back in afternoon trading, led by declines in energy companies as the price of crude oil and other commodities turn lower. Murphy Oil fell 12 percent and oil rig operator Transocean lost 8 percent Tuesday. Traders were also discouraged by weak trade figures from China.

KEEPING SCORE: The Dow Jones industrial average fell 45 points, or 0.3 percent, to 17,029 as of 1:13 p.m. Eastern time. The Standard & Poor's 500 index fell 13 points, or 0.6 percent, to 1,989. The Nasdaq composite gave up 30 points, or 0.6 percent, to 4,678.

THE QUOTE: "We're overbought," said Chief Investment Officer Bill Stone of PNC Asset Management Group, noting that the S&P 500 is up about 10 percent from mid-February. "People are taking some profits off of the larger run-up from the low."

SHAKE QUAKE: Hamburger chain Shake Shack plunged $4.80, or 11 percent, to $37.43 after delivering quarterly results and an outlook that disappointed investors.

URBAN JUMPS: Urban Outfitters jumped $4.56, or 16 percent, to $32.72. Late Monday, the retailer reported strong earnings and improved margins during the holiday season. The Philadelphia-based company said it earned $72.9 million, or 61 cents per share, in its fourth quarter ended Jan. 31, better than analysts expected.

DIVIDED AT UNITED: United Continental fell 56 cents, or 1 percent, to $57.05 after two investment firms went public on an effort to add six of its nominees to the board of directors. They also want to give a prominent role to the ex-CEO credited with saving Continental more than a decade ago. The two firms, Altimeter Capital Management and PAR Capital Management, own a combined 7.1 percent stake of the airline.

OIL FALLS: Benchmark U.S. crude fell $1.08, or 2.9 percent, to $36.82 a barrel on the New York Mercantile Exchange. It jumped $1.98 on Monday. Brent crude, which is used to price international oils, fell $1.16, or 2.8 percent, to $39.68 a barrel.

CHINA TRADE: China's exports plunged 25 percent in February from a year earlier, as weak global demand and a business shutdown during the Lunar New Year holiday combined to depress sales. Customs data Tuesday also showed imports fell 14 percent.

EUROPE DOWN: France's CAC 40, Germany's DAX and Britain's FTSE 100 each fell 0.9 percent.

ASIA'S DAY: Japan's benchmark Nikkei 225 dropped 0.8 percent and South Korea's Kospi lost 0.6 percent. Hong Kong's Hang Seng index shed 0.7 percent.

CURRENCIES: The euro rose to $1.1046, up from $1.1013. The dollar edged down to 112.77 yen from 113.27 yen.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 1.82 percent from 1.91 percent late Monday.

(KA)