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Overnight Markets: Wall Street down on Fed bets amid budget talks

by Himanshu Singh on Dec 11, 2013 at 05:20

Overnight Markets: Wall Street down on Fed bets amid budget talks

Wall Street declined on Tuesday, a day after a record close on the S&P 500, investors weighed federal budget negotiations and looked ahead to next week's Federal Reserve meeting in the absence of market-moving economic data.

The Dow Jones industrial average fell 52 points or 0.33%, to 15,973, the S&P 500 lost six points or 0.32%, to 1,803 and the Nasdaq Composite dropped eight points or 0.2%, to 4,060.

The Fed's policy-setting Federal Open Market Committee meets on Tuesday and Wednesday next week. Meanwhile, Fed officials will be watching the outcome of US budget talks to trim automatic spending cuts and break a three-year stretch of failed fiscal talks in Washington.

Economic data showed job openings in the US climbed to a five-year high in October.

Healthcare stocks were among the most active after company news while utilities were the worst performer.

Twitter (TWTR.N) hit an all-time high of $52.58 after a spate of product announcements that could boost its revenues. Shares closed up 5.8%.

Other Internet stocks also performed well on Tuesday with Facebook (FB.O) up 2.9% and Yahoo (YHOO.O) up 3.5%.

In the healthcare orbit, AbbVie (ABBV.N) shares hit a record high of $54.11 after its all-oral hepatitis C therapy cured 96% of difficult-to-treat patients in a late-stage clinical trial. Shares ended up 1.8%.

Pharmacy chain CVS Caremark (CVS.N) and pharmaceutical distributor Cardinal Health (CAH.N) announced a 10-year agreement to form the largest generic drug operation in the US. Cardinal Health closed up 3% and CVS added 1.9%.

Shares of Rambus Inc (RMBS.O) jumped 12.3% after the company settled a patent dispute with Micron Technology (MU.O).

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