55.9 F
Fort Worth
Saturday, November 28, 2020
Banking Stocks close higher, helped by health care companies

Stocks close higher, helped by health care companies

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) โ€” Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

NEW YORK (AP) โ€” Stocks closed slightly higher on Tuesday, boosted by health-care companies like UnitedHealth Group, which helped outweigh steep declines in energy companies.

Tiffany jumped after it reported better quarterly results than analysts expected.

The Dow Jones industrial average rose 23.70 points, or 0.1 percent, to 19,121.60. The Standard & Poor’s 500 index rose 2.94 points, or 0.1 percent, to 2,204.66 and the Nasdaq composite rose 11.11 points, or 0.2 percent, to 5,379.92.

Stocks started the day slightly lower but posted slight gains by late-morning and stayed higher throughout the afternoon.

Health care stocks were a primary driver of the market’s upward turn. UnitedHealth, the largest U.S. health insurer, backed its forecast for this year and said it expects its earnings to grow in 2017. That’s because of stable medical costs, less exposure to Affordable Care Act health care exchanges, and growth for Optum, a business that manages pharmacy benefits, runs clinics and doctors’ offices and provides technology services.

The Dow component closed up $5.48, or 3.6 percent, to $157.59.

Other health care stocks also rallied. Alexion Pharmaceuticals rose $6.21, or 5 percent, to $125.59, drugmaker AbbVie rose $2.13, or 3.6 percent, to $61.59. Other insurance companies also posted gains. Aetna rose $3.64, or 2.8 percent, to $132.03. Cigna, Humana and Anthem all closed up more than 1 percent.

Health care stocks also rose following the announcement of President-elect Donald Trump’s nominee for Secretary of Health and Human Services, Georgia Congressman Tom Price, who is an adamant opponent of the Affordable Care Act and is likely to head up the Trump’s administration’s rollback of the law. Analysts at Jeffreys and Morgan Stanley both said this week the Trump administration would be positive for the industry.

After taking a pause on Monday, stocks remain in rally mode since the election. However the gains have slowed down in the last week.

“We’re seeing a lot of consolidation after the market’s big run,” said Karen Hiatt, a senior portfolio manager at Allianz Global Investors.

In energy, oil prices fell sharply after it seemed like a deal to reduce oil production among OPEC nations was starting to fall apart ahead of their meeting Wednesday. Saudi Arabia’s representatives have sounded skeptical while Iran is hesitant to limit its own output as it ramps up production following years of international sanctions.

Benchmark U.S. crude fell $1.85, or 3.9 percent, to close at $45.23 a barrel in New York. Brent crude, used to price international oils, tumbled $1.86, or 3.9 percent, to close at $46.38 a barrel in London.

Energy stocks followed oil prices lower, with oil giants Exxon Mobil and Chevron falling roughly 1 percent each. The energy component of the S&P 500 fell 1.2 percent on Tuesday.

Luxury jeweler Tiffany traded higher after the company reported stronger sales in Asia, which countered weaker results from the U.S. and Europe. Its stock gained $2.46, or 3.1 percent, to $80.60.

In other energy commodities, heating oil fell 5 cents to $1.46 a gallon, wholesale gasoline fell 4 cents to $1.38 a gallon and natural gas was mostly unchanged at $3.32 per 1,000 cubic feet.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.30 percent from 2.31 percent. The dollar rose to 112.33 yen from 112.26 yen. The euro rose to $1.0647 compared with $1.0597 yesterday.

In metals, the price of gold fell $2.90, or 0.2 percent, to $1,187.90 an ounce. Silver rose 8 cents to $16.66 an ounce and copper fell 6 cents to $2.60 a pound.


close






Oh hi there ๐Ÿ‘‹
Itโ€™s nice to meet you.

Sign up to receive awesome content in your inbox.

We donโ€™t spam! Read our privacy policy for more info.

Latest News

3rd major COVID-19 vaccine shown to be effective and cheaper

By DANICA KIRKA Associated PressLONDON (AP) โ€” Drugmaker AstraZeneca said Monday that late-stage trials showed its COVID-19 vaccine is highly effective, buoying the prospects...

These health care workers will be first in line for a COVID-19 vaccine

Health care workers will be the first people in Texas to receive a COVID-19 vaccine once one receives emergency approval from the U.S. government,...

Tarrant County reports 1,537 new COVID cases on Sunday and 6 deaths

Tarrant County Public Health reported 1,537 new cases on Sunday, Nov. 22 and six deaths. โ€œIt took 90 days to reach 10,000 cases in June....

Stocks edge higher on Wall Street on latest vaccine hopes

NEW YORK (AP) โ€” U.S. stocks edged higher in morning trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and...

GM to recall 7M vehicles globally to replace Takata air bags

DETROIT (AP) โ€” General Motors will recall about 7 million big pickup trucks and SUVs worldwide to replace potentially dangerous Takata air bag inflators. The...