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US stocks fall as health care shares lag
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SME Times News Bureau | 18 Apr, 2019
US stocks ended lower as major health care shares declined, dragging the market. The
Dow Jones Industrial Average on Wednesday decreased 3.12 points, or
0.01 per cent, to 26,449.54. The S&P 500 fell 6.61 points, or 0.23
per cent, to 2,900.45, Xinhua news agency reported.
The Nasdaq Composite Index was down 4.15 points, or 0.05 per cent, to 7,996.08. The S&P 500 health care sector closed 2.89 per cent lower, following a previous rout. Shares
of US health care giant UnitedHealth Group slid 1.86 per cent on
Wednesday after a 4.01-per cent decrease in the previous session. Shares
of Alexion Pharmaceuticals and DaVita, also health care big names, fell
8.05 per cent and 7.72 per cent, respectively. The health
care is one among the worst-performing group this year as calls for
lower drug prices and debates about medical care plans in the US have
weighted on the sector, experts noted. Shares of Qualcomm
jumped 12.25 per cent following a 23.21-per cent surge in the previous
session, fueled by the news that the company and Apple have settled a
lawsuit regarding royalty disputes. Apple stock also closed 1.95 per
cent higher. Wall Street also digested a slew of newly-released corporate earnings. Morgan
Stanley generated first-quarter profit of $1.39 per share, according to
a Wednesday report by the bank, beating analysts' estimates of $1.17
per share surveyed by Refinitiv. Its revenue also beat market consensus.
The stock was up 2.64 per cent. PepsiCo stock gained 3.76 per
cent after the US beverage company delivered stronger-than-anticipated
quarterly earnings on Wednesday. Of the S&P 500 companies
that have reported so far, about 84.6 per cent have topped analyst
expectations, according to CNBC, while citing FactSet data.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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