Dow closes more than 200 points lower Thursday in sharp reversal

The Dow Jones Industrial Average gave back gains and closed lower on Thursday as investors pocketed some of their profits in what’s been a solid week thus far.

The 30-stock Dow fell 224.48 points, or 0.51%, closing at 43,968.64.The S&P 500 lost 0.08% and ended at 6,340.00. The Nasdaq Composite advanced 0.35%, ending at 21,242.70. The major averages saw sharp swings during the session, with the Dow up more than 300 points at its high and off more than 390 points at its low.

The blue-chip Dow was weighed down by a 2.5% decline in Caterpillar shares after the construction equipment maker warned of the effects of tariffs on its business.

Eli Lilly was another big laggard of the session, pulling back about 14% after late-stage trial results of its obesity pill disappointed investors. That’s despite the pharmaceutical giant posting second-quarter results that surpassed Wall Street’s expectations and raising its full-year outlook.