Stocks Drop Wednesday After Two Days of Record Highs for the Dow

iStock/Thinkstock(NEW YORK) -- After two days of record-high closes for the Dow Jones Industrial Average, stocks moved lower on Wednesday.

The Dow closed down 101 points at 16,613.97. The Nasdaq lost 30 points, ending at 4,100.63, and the S&P 500 dropped almost 9, closing at 1,888.53.

John Deere's latest earnings beat expectations for profit and revenue, but the company's second-quarter net income dropped 9.5%. It's lowered demand for farming equipment and cut its sales forecast for the rest of the year.

Higher food prices pushed the Producer Price Index up by more than 0.5% in April. The PPI is a snapshot of what U.S. companies receive for their goods and services.

Copyright 2014 ABC News Radio

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