Stocks move lower for second day; Valeant falls sharply

NEW YORK (AP) — U.S. stocks moved lower for a second-straight day Thursday, following mixed quarterly results from companies like Facebook and Whole Foods Market.

The social network reported an 11 percent gain in quarterly profits, helped by higher advertising revenue.

Valeant Pharmaceuticals, the high-flying pharmaceutical stock from earlier this year, was down sharply yet again on Thursday, falling $13.70, or 15 percent, to $78.14 following reports that a major hedge fund had sold their investment in the company and a Congressional panel is probing the company's operations.

The grocery store chain reported that its latest quarterly profit fell by more than half as it faces more intense competition now because organic foods are becoming more widely available.

Testifying before a committee of the U.S. Congress, Federal Reserve Chair Janet Yellen described the U.S. economy as "performing well" and said an interest rate hike in December was a "live possibility" if the economy stays on track.

Economists expect that U.S. employers added 190,000 jobs last month and that the unemployment rate remained steady at 5.1 percent, according to FactSet.