Markets Right Now: Stocks end lower as insurers fall
Stocks are closing lower on Wall Street Wednesday as reductions by healthcare businesses outweigh gains elsewhere in the marketplace.
Insurers were piled on by investors on their gains amid worries over the possible effect from health reforms. Anthem dropped 3.6%, Cigna dropped 3.7%, and UnitedHealth fell 1.9 percent.
Even the S&P 500 index dropped 6 points, or 0.2 percent, to 2,900.
The Dow Jones Industrial Average fell 3 points. The Nasdaq dropped 4 points or 0.1% to 7,996.
Stocks are significantly lower at midday Wednesday as reductions by health care businesses outweigh gains elsewhere on the market.
Investors are hammering insurers by health reforms being discussed in Congress amid worries over the impact on their profits. Anthem fell 4.7 percent, Cigna dropped 4.3 percent, and UnitedHealth fell 3.1 percent.
Qualcomm is up another 9.7 percent, adding to Tuesday’s 23% gain after the chipmaker settled a legal dispute with Apple.
The Dow Jones Industrial Average fell 12 points or 0.1% to 26,439. The Nasdaq is down 13 points or 0.9percent to 1,569.
Stocks are starting mostly higher on Wall Street Wednesday, led by industrial and engineering businesses in early trading.
When it settled a dispute with Apple after gaining 23% Tuesday, mobile chipmaker Qualcomm is another 17 percent. In a related move, Intel is pulling out of the modem market that is smartphone. Its stocks are increasing 2.4%.
Sprint and t-Mobile are equally lower on reports that the Justice Department is currently questioning their planned merger.
IBM is down 5% Netflix stocks are level and while United Continental is up 4% among companies reporting results.
Even the S&P 500 index is up 5 points, or 0.2 percent, to 2,912.