Dow dragged to a loss by Walgreens' worst day in 4 1/2 years but broader stock market edges higher

U.S. stock markets closed mostly higher on Tuesday, but the Dow industrials were weighed by the worst stock slump in year for shares of Walgreens Boots Alliance Inc. WBA, -1.59% Market moves were modest in either direction a day after investors kicked off the start of the second quarter with a sharp rally on the back of stabilizing manufacturing reports in China and the U.S. Tuesday’s economic reports were somewhat soft and came amid fresh developments surrounding Britain’s exit from the European Union and as IMF Managing Director Christine Lagarde affirmed the view that global growth was slowing. The Dow Jones Industrial Average DJIA, +0.65% closed off 80 points, or 0.3%, at 26,179, with about 55 points of that decline coming from Walgreens Boots Alliance’s stock, which saw the worst daily decline since August of 2014, after the drugstore slashed its profit expectations. The S&P 500 index finished flat at 2,867, while the Nasdaq Composite Index COMP, -0.01% gained 0.3% at 7,849. In Europe, U.K. Prime Minister Theresa May said Tuesday she would request a further delay of Britain’s departure from the European Union to allow time to hash out a new Brexit deal with the opposition Labour Party, a sign that the U.K. could end up more closely bound to the bloc than she previously envisioned. The IMF’s Lagarde said the market is vulnerable to risks such as Brexit, high debt levels, and trade tensions between the U.S. and China. Lagarde said the current global economic slowdown is “across the board,” including wealthy and emerging countries. In economic reports, a report on long-lasting factory goods, or durable goods, in February showed a 1.6% decline, the Commerce Department said.

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