Wall Street slips with healthcare shares

Credit: Reuters Studio
Published on April 17, 2019 - Duration: 01:03s

Wall Street slips with healthcare shares

U.S. stocks dipped on Wednesday as a drop in healthcare shares offset a string of positive corporate earnings and upbeat economic data from the United States and China.

Fred Katayama reports.

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Wall Street slips with healthcare shares

Wall Street dipped Wednesday as healthcare stocks tumbled for a second straight session.

The Dow, S&P 500 and Nasdaq finished just below the breakeven line.

TD Ameritrade trading strategy manager, Shawn Cruz says trading has been lackluster.

SOUNDBITE: TD AMERITRADE TRADING STRATEGY MANAGER, SHAWN CRUZ: "Just in general what I'm hearing from a lot of traders and a lot of analysts is that they haven't seen a lot of volume behind this last leg higher.

And so that is something that to them indicates a lack of very strong conviction." Investors grew concerned about potential changes to healthcare policy amid the presidential election season.

That dragged down shares of Merck, UnitedHealth, Pfizer and Abbott Labs.

Those falling healthcare stocks offset an earlier rally sparked by chipmakers and unexpectedly upbeat growth in China's economy.

Qualcomm shot up to a nearly two-decade high.

Several analysts upgraded their rating on the stock after the telecom chipmaker resolved its legal battle with Apple.

A mixed earnings seasons for the big banks ended with Morgan Stanley's report.

Cost cuts and growth in its wealth management business helped produce profit that beat Wall Street's estimates.

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