Stock Market News For Sep 25, 2017
Zacks Investment Research | Sep 25, 2017 12:49AM ET
Markets closed slightly higher on Friday after healthcare stocks surged after Senator McCain decided not to support the repealing of the Affordable Care Act. Meanwhile, shares of Apple tumbled after iPhone 8’s release was met with a less than impressive response. This weighed heavily on the Dow, which ended in the red. Further, tensions between North Korea and the United States escalated after Kim Jong-un retaliated against President Trump's comments at the United Nations.
The Dow Jones Industrial Average (DJIA) closed at 22,349.59, losing 0.1%. The S&P 500 Index (INX) increased 0.1% to close at 2,502.22. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,422.69, increasing 0.1%. Advancing issues outnumbered decliners on the NYSE by 1,750 to 1,048. On the Nasdaq, advancers outnumbered advancers by 1,644 to1,130. The CBOE VIX increased 5.6% to close at 10.21.
McCain Refuses to Back Graham-Cassidy Legislation
Senator John McCain announced on Friday that he would not sign a proposal put forward by the members of the GOP to repeal Obamacare, citing uncertainty over the proposal’s likely success and lack of proper analysis by the Congressional Budget Office. This crushed Republicans’ hopes of pushing through the Graham –Cassidy legislation which also implies repeal of the Obamacare plan.
Such a statement from McCain sent healthcare stocks higher. The SPDR Health Care Select Sector (MX:XLV) ETF, which was down 0.5% in the afternoon, pared losses to finish just 0.1% lower. Shares of Aetna (NYSE:AET) and Cigna (NYSE:CI) Corp. (NYSE:CIG) both gained 0.2%. This boosted the overall markets.
However, uncertainty about the success of the Graham-Cassidy legislation sent the shares of UnitedHealth Group (NYSE:UNH) lower by over 1.6%. This weighed heavily on the Dow.
Apple Suffers Worst Weekly Loss in a Year
Apple (NASDAQ:AAPL) suffered its worst weekly loss in a year’s time after it dipped about 1% after speculations over lack of demand of its recently launched smartphone iPhone 8 weighed on the broader markets. Speculations regarding low demand for iPhone 8 arose after the response to its launch was less than exuberant. The company possesses a Zacks Rank #3 (Hold). You can see Zacks Investment Research
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