Wall St closes lower: Dow posts first 2-day losing streak since Jan 2
Published Mar 07, 2017 04:17PM ET
Dow and S&P posts first 2-day losing streak since Jan 2
Investing.com – Wall Street closed lower on Tuesday, as investors considered the prospect of a March rate hike while healthcare stocks tumbled after a warning from President Donald Trump.
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Healthcare stocks, started the session on the back foot, after President Donald Trump claimed on Tuesday that he will bring drug prices “way down”.
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Trump’s tweet supported his earlier statement in January, when he claimed that pharmaceutical companies are “getting away with murder” in what they charge the government for medicine.
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Merck & Company Inc (NYSE:MRK), Pfizer Inc (NYSE:PFE) as well as a slew of European household pharmaceutical stocks sank lower.
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Meanwhile, economic data had little impact on U.S. equities, after data showed the U.S. trade deficit grew in January to its widest monthly level in almost five years.
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The commerce department said Tuesday, the trade gap widened by 9.6% to $48.5 billion in January, the highest level since March 2012, and in line with economists’ forecasts.
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The Dow Jones Industrial Average closed 0.15% lower at 20,922. The S&P 500 shed 0.29% and the Nasdaq Composite lost 0.26% to close at 5,833. It was the first time since Jan 2, the Dow and S&P closed lower for a second straight session.
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In corporate earnings news, Dick’s Sporting Goods Inc (NYSE:DKS) slumped more than 9% despite decent posting decent earnings for the fourth quarter, as the retailer issued a downbeat forecast for 2017.
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The top S&P 500 gainers included Humana Inc (NYSE:HUM) up 2.4%, and Viacom B Inc (NASDAQ:VIAB) up 1.8%, while Albemarle Corporation (NYSE:ALB) added 1.6%.
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Frontier Communications Corporation (NASDAQ:FTR) down 5.1%, Southwestern Energy Company (NYSE:SWN) down 4.2% and Express Scripts Holding Co (NASDAQ:ESRX) slumped 3.8%, were among the worst S&P 500 performers of the session.
Written By: Investing.com
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