Healthcare sinks Wall St but Intel rises – New York Report
FALLING healthcare stocks offset gains in Intel and other technology names yesterday while investors eyed an expected rate hike in December.
The Dow Jones industrial average closed 0.02 per cent weaker at 17,732.75 points while the S&P 500 lost 0.11 per cent to 2,081.24. The Nasdaq Composite edged 0.03 per cent lower to 5,073.64.
A profit warning by UnitedHealth led to a 5.65 per cent drop in its stock, making the health insurer the biggest drag on the Dow Jones industrial average and the S&P 500. It also sent the shares of competitors Anthem and Aetna down more than six per cent each. Adding to the pain in healthcare, Pfizer fell 3.06 per cent after reports that its talks to buy Allergan and redomicile in Ireland were in final stages. Allergan lost 2.81 per cent.
However, Intel jumped 3.44 per cent after boosting its annual dividend. The chipmaker and Apple, up 1.27 percent, added more upward pressure to the S&P 500 than any other stocks.
Mobile payments company Square soared 45 per cent in its highly-anticipated market debut, while dating website operator Match Group popped 23 per cent on their first trading day.
After the bell, Gap posted quarterly results that sent its shares down four per cent.
Tax software company Intuit posted fiscal first-quarter results that pleased investors, pushing its stock 10 per cent higher.
Skechers rose 4.62 per cent. The company said it won a favourable ruling in a lawsuit against Nike’s subsidiary, Converse. Nike was nearly flat.