Markets Right Now: US indexes end broadly lower

AP News
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Posted: Mar 07, 2017 4:08 PM

NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks are closing broadly lower on Wall Street, led by declines in energy and phone stocks.

Drugmaker stocks also fell Tuesday after President Donald Trump said he was working on a new system to bring drug prices lower.

Mallinckrodt lost 3 percent and Perrigo fell 1.8 percent and. Alexion Pharmaceuticals fell 3.1 percent.

Several hospital operators also fell sharply after Republicans announced a health care proposal to replace the Affordable Care Act. Tenet Healthcare slumped 7.1 percent.

It was the third loss in four days for U.S. stocks.

The Standard & Poor's 500 index fell 6 points, or 0.3 percent, to 2,368.

The Dow Jones industrial average lost 29 points, or 0.1 percent, to 20,924. The Nasdaq composite declined 15 points, or 0.3 percent, to 5,833.

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11:45 a.m.

Stocks are moving broadly lower on Wall Street in midday trading, led by declines in health care stocks.

Drugmaker stocks were among the biggest decliners Tuesday. Perrigo fell 2.6 percent and Mallinckrodt lost 4 percent. Prescription drug distributor Express Scripts sank 2.3 percent.

The declines came after President Donald Trump said he was working on a new system to bring drug prices lower. That came after Republicans announced a health care proposal to replace the Affordable Care Act.

Energy and phone companies were also lower.

The Standard & Poor's 500 index fell 5 points, or 0.2 percent, to 2,370.

The Dow Jones industrial average lost 24 points, or 0.1 percent, to 20,930. The Nasdaq composite declined 5 points, or 0.1 percent, to 5,843.

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9:35 a.m.

Stocks are opening broadly lower on Wall Street, led by declines in health care stocks and banks.

Drugmaker stocks were among the early decliners Tuesday. Eli Lilly fell 2.3 percent and Alexion Pharmaceuticals lost 2 percent.

The declines came after Republicans announced a health care proposal to replace the Affordable Care Act. President Donald Trump says he wants to bring drug prices lower and repeated that position in a tweet Tuesday morning.

The Standard & Poor's 500 index fell 7 points, or 0.3 percent, to 2,368.

The Dow Jones industrial average lost 40 points, or 0.2 percent, to 20,913. The Nasdaq composite declined 18 points, or 0.3 percent, to 5,831.