Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1078029

Overnight Markets: Healthcare and bank stocks pull Wall Street down

Retailers bucked the trend to gain after a government report showed that retail sales jumped in November.

 
Overnight Markets: Healthcare and bank stocks pull Wall Street down

US stocks ended lower on Thursday, pushed lower by healthcare companies and banks, as investors worried about potential roadblocks to Republicans’ tax overhaul, offsetting their optimism over strong retail sales data.

The Standard & Poor's 500 index fell 11 points, or 0.4%, to 2,652. The Dow Jones industrial average fell 77 points, or 0.3%, to 24,509. The Nasdaq fell 19 points, or 0.3%, to 6,856.

The slide, which erased gains from earlier in the day, came on news that some Republican senators' support for the GOP's proposed tax overhaul bill was faltering.

Small-company stocks, which would be among the biggest beneficiaries of the bill's reduction of corporate income tax rates, declined more than the rest of the market.

However, shares of retailers gained after a government report showed that retail sales jumped in November. Mattel climbed 4.2%, while Tiffany & Co. advanced 3.4%.

Healthcare stocks accounted for much of the market's losses. Medical care services company DaVita fell 3.2%. Shares in several banks and other financial companies also declined. Navient fell 2.5%.

Pier 1 Imports slumped 29.5% after the home decor company cut its forecasts and said its business has struggled in December.

In deal news, Disney rose 2.8% after the company agreed to buy a large part of the Murdoch family's 21st Century Fox for about $52.4 billion in stock. Fox was the biggest gainer in the S&P 500, climbing 6.5%.

Teva Pharmaceuticals was another big gainer. The Israeli drugmaker jumped 10.2% after it said it would lay off 14,000 workers.

In Asia, stock markets were mostly lower on Friday in morning session as uncertainty about the progress of a sweeping US tax revamp outweighed an optimistic Japanese economic survey.

Japan's benchmark Nikkei 225 index fell 0.9% while South Korea's Kospi climbed 0.4%. Hong Kong's Hang Seng shed 1% and the Shanghai Composite in mainland China lost 0.6%. Australia's S&P/ASX 200 sank 0.2%.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

The Expert View: Barclays, Taylor Wimpey and Sky

by Michelle McGagh on Apr 27, 2018 at 05:00

Sorry, this link is not
quite ready yet