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Coca-Cola shares fall 5% in US trade Coca-Cola slips but Wall Street rises
(about 9 hours later)
(Open): US shares rose cautiously on Wednesday, but Coca-Cola shares fell more than 5%. (Close): US shares rose on Wednesday, even as companies presented mixed earnings reports.
Coca-Cola shares were lower after it reported a 4% fall in quarterly sales. The Dow Jones was up 42.67 at 18,096.27, and the S&P 500 added 1.60 points to 2,102.40.
The company, which also makes Sprite, Fanta and Dasani, is in the throes of cutting costs and refreshing the branding on some products. The tech-heavy Nasdaq index rose 3.35 points to 4,540.44.
The Nasdaq index rose 9.62 points to 4,949.95. The Dow Jones was up 11.58 at 18,065.18, and the S&P 500 added 1.08 to 2,101.88. Oil prices climbed, with the US West Texas crude benchmark rising 3.4% to $43.92 and Brent crude up 3.4% to $45.53 a barrel.
Insurance firm UnitedHealth Group saw its share price climb another 2% after Tuesday's 2% gain. Coca-Cola shares lost most on Wednesday. Its shares fell 4.8% after it reported a drop in quarterly profits.
The company said on Tuesday that it was pulling out of most state insurance markets set up under Obamacare because they were not profitable. The company, which also makes Sprite, Fanta and Dasani, is cutting costs and refreshing branding on some products.
Shares in computer-chip-maker Intel rose 1.3%. On Tuesday the company announced it was cutting 11% of its workforce.
Yahoo shares also rose after chief executive Marissa Mayer said the company "made substantial progress toward potential strategic alternatives." Shares were up 4.2%.