Online Broadband Guide
Online Broadband Guide


Dow tumbles 362 points as health care stocks drag on Wall Street

Dow tumbles 362 points as health care stocks drag on Wall Street

On the earnings front, analysts expect S&P 500 earnings growth of 13.2 percent, up from 12 percent a month ago. Such an inverted curve has occurred four times in the past year and all coincided with market bottoms.

The Dow Jones Industrial Average slipped 362 points to 26,076, recovering slightly after falling as much as 411 points.

Healthcare-related stocks dragged the major indexes down on news that Amazon.com, Berkshire Hathaway and JPMorgan Chase will form a healthcare company with a view to controlling costs for their US employees.

UnitedHealth Group was the heaviest drag on the Dow, down 4.3 percent. The S&P 500 index closed down 1.1% at roughly 2,822, while the Nasdaq Composite Index ended the day off 0.9% at around 7,400.

The CBOE Volatility index, widely considered the best fear gauge in the stock market, rose 6.86 percent to 14.79. Trump is expected to focus on trade and the economy, among other themes. They had risen about 2 percent in premarket trading after the company's quarterly results and full-year forecasts beat expectations.

The Nasdaq is up 563.11 points, or 8.2 percent. Harley-Davidson dropped 7.7 percent after the motorcycle maker forecast a drop in shipments this year.

Health care was the worst-performing sector in the S&P, a selloff driven by news that JPMorgan Chase (NYSE:JPM), Berkshire Hathaway (NYSE:BRKA) and Amazon.com (NASDAQ:AMZN) are teaming up to address rising medical costs for employees. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

follow

editors' picks

January 31, 2018
Blake Griffin traded to Pistons in blockbuster deal
Detroit acquired Bradley in a trade with Boston last offseason, but he's in the final season of his contract. As a rookie, he was an All-Star, won the slam dunk contest and was named NBA Rookie of the Year.

January 29, 2018
Nicole Eggert Accuses Scott Baio of Sexual Abuse, Actor Denies Claims
Baio argues that since Eggert was born in 1972, and the show was completed in 1990, she would have no longer been a minor. He said she "chose not too" and instead went to social media with the claims.

January 29, 2018
Mattis: Diplomacy Should Impose Reason On North Korea's Kim
What North Korea wants from the Olympic detente, Go said, is to buy time until it perfects the technology to become a full-fledged nuclear power.

January 29, 2018
Arsenal & Man City set deadline for Evans move
Wright also pointed out how the Baggies are "keen to get the majority of money up front rather than in staggered payments". The Sun have reported that West Brom will only consider this deal if the Gunners increase their bid to £27m.

January 28, 2018
Trump wants to withdraw funding for International Space Station
With the proposed de-funding of the ISS, Mr Trump's "America First" foreign policy doctrine may have been extended to outer space. A final budget to be submitted on 12 February could yield a different decision and is still subject to Congressional approval.

January 27, 2018
Alleged Donald Trump mistress Stormy Daniels to sit down with Jimmy Kimmel
The alleged settlement and encounter between Trump and Daniels has been surrounded by speculation in recent weeks. In the emails, the operatives discussed campaign donor options Daniels had contact info for in her phone.

January 25, 2018
Padmaavat could have been a great film
Prior to the release of the film which is scheduled to release on January 25, 2018, members of Karni Sena are creating tension across cities.

January 24, 2018
God of War gets April 20 release date
The Deluxe Edition is a step down from the others and retails at $69.99 and comes with additional items listed on the image. The game will come in a Collector's Edition , a Stone Mason Edition , and a Digital Deluxe Edition , starting at $59.

January 23, 2018
Swansea City vs Liverpool Preview
Mo Salah, Ragnar Klavan and Dejan Lovren are all doubts after suffering with illness during this past week. No player who is here will say, 'OK, come on, in the middle of the season I go there or there'.

January 23, 2018
Ocado partners with Canada's Sobeys
It then expects capital expenditure of £15m in the 2018 financial year to support the development of its platform. Ocado's worldwide deals are turning out to be a bit like buses.