U.S. Stocks Decline Amid Mixed Earnings, Valeant's Volatile Ride
- Biotech shares slide as Valeant Pharmaceuticals plunges
- General Motors rallies, Chipotle slumps after results
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U.S. stocks declined after Valeant Pharmaceuticals International Inc. took health-care stocks on a wild ride, distracting investors from one of the busiest days for corporate earnings so far this season.
Equities whipsawed between gains and losses after a short-seller takedown on Valeant sent the shares plunging, only to then rebound after the company disputed the report and CNBC said investor William Ackman added 2 million shares to his stake in the company. Mixed earnings reports from General Motors Co. to Chipotle Mexican Grill Inc. gave few definitive signals on the health of the economy.