Markets Right Now: Health care companies lead stocks lower

AP News
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Posted: Jan 30, 2018 11:54 AM

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

11:45 a.m.

Stocks fell sharply in midday trading on Wall Street, extending the market's losses from a day earlier.

Health insurers, drugmakers and distributors led the slide Tuesday following news that JPMorgan Chase, Amazon and Berkshire Hathaway are launching a health care venture.

Express Scripts plunged 7 percent, CVS Health sank 5 percent and UnitedHealth Group dropped 3.3 percent.

Technology stocks also retreated. Energy companies fell as crude oil prices headed lower.

The Standard & Poor's 500 index fell 24 points, or 0.9 percent, to 2,828.

The Dow Jones industrial average slid 293 points, or 1.1 percent, to 26,148. The Nasdaq composite lost 47 points, or 0.6 percent, to 7,419.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 percent.

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9:35 a.m.

Health care stocks are leading U.S. indexes broadly lower in early trading following news of a big new venture in the health care business.

Prescription drug makers, drug distributors and health insurers posted big losses early Tuesday on fears of stiff competition from a new venture announced by JPMorgan Chase, Amazon and Berkshire Hathaway.

Express Scripts plunged 9 percent and UnitedHealth Group sank 4.4 percent.

The Standard & Poor's 500 index fell 19 points, or 0.7 percent, to 2,853.

The Dow Jones industrial average slid 226 points, or 0.7 percent, to 26,214. The Nasdaq composite lost 58 points, or 0.8 percent, to 7,407.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 percent.