ECONOMY

US stocks slightly lower in midday trading a day after big jump; Movado up on strong results

FILE - In this Oct. 2, 2014 file photo, people pass a Wall Street subway stop, in New York's Financial District. U.S. stocks moved lower in early trading Tuesday, March 31, 2015, erasing some gains from the day before. (AP Photo/Richard Drew, File)

FILE - In this Oct. 2, 2014 file photo, people pass a Wall Street subway stop, in New York's Financial District. U.S. stocks moved lower in early trading Tuesday, March 31, 2015, erasing some gains from the day before. (AP Photo/Richard Drew, File)  (The Associated Press)

U.S. stocks are edging lower in midday trading, giving back some of their big gains the day before.

The Dow Jones industrial average fell 88 points, or 0.5 percent, to 17,887 as of 11:45 a.m. Eastern time Tuesday. The Dow jumped 263 points the day before.

The Standard & Poor's 500 index lost seven points, or 0.4 percent, to 2,078. The Nasdaq composite declined 21 points, or 0.4 percent, to 4,926.

The price of oil fell 32 cents to $48.37 a barrel in New York.

Luxury watchmaker Movado jumped 13 percent after posting surprisingly strong fourth quarter results. Movado said it would raise prices and streamline its operations.

Government bond prices edged higher. The yield on the 10-year Treasury fell to 1.94 percent from 1.95 percent late Monday.