{"id":49151,"date":"2017-10-27T07:09:33","date_gmt":"2017-10-27T07:09:33","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=49151"},"modified":"2017-10-27T07:09:33","modified_gmt":"2017-10-27T07:09:33","slug":"dow-sp-gain-but-nasdaq-dips-as-healthcare-lags","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/dow-sp-gain-but-nasdaq-dips-as-healthcare-lags.html","title":{"rendered":"Dow S&P gain but Nasdaq dips as healthcare lags"},"content":{"rendered":"

Dow S&P gain but Nasdaq dips as healthcare lags<\/span><\/strong><\/span><\/h2>\n

Dow S&P gain but Nasdaq dips as healthcare lags: DowDuPont (DWDP.N) was up 2.8 percent as the biggest boost to the S&P 500. It forecast third-quarter profit well above Wall Street\u2019s expectations ahead of the combined company\u2019s first earnings report next week.<\/span><\/p>\n

Twitter (TWTR.N) jumped 18.5 percent after the company said it could turn its first-ever profit in the fourth quarter, helped by cost cuts and new sources of revenue.<\/span><\/p>\n

\u201cThis earnings season so far looks good, mixed as always and obviously there is a lot more to go here in terms of earnings,\u201d said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York.<\/span><\/p>\n

The healthcare sector, off 1.03 percent, held gains in check, led lower by a 16.4-percent plunge in Celgene (CELG.O), the biggest drag on the S&P 500 and the Nasdaq. The company reported lower-than-expected sales for its psoriasis drug Otezla and lowered its overall 2020 sales outlook.<\/span><\/p>\n

Losses accelerated in the sector after the St. Louis Post-Dispatch reported, citing public records, that Amazon (AMZN.O) gained approval from a number of state pharmaceutical boards to become a wholesale distributor. In addition, President Donald Trump announced steps to fight the opioid crisis in the United States by declaring it a national public health emergency.<\/span><\/p>\n

\u201cEven though it has been talked about for months and the stocks had taken a hit several times, when reality hits there is always another downside to it and the group is getting slammed,\u201d said Ghriskey.<\/span><\/p>\n

Shares of the online retailer climbed about 6 percent following the closing bell after its quarterly results.<\/span><\/p>\n

Trump\u2019s search for a new Federal Reserve chair narrowed down to Fed Governor Jerome Powell and Stanford University economist John Taylor, according to a Politico report. A White House official told Reuters that no final decision had been made.<\/span><\/p>\n

The Dow Jones Industrial Average .DJI rose 71.61 points, or 0.31 percent, to 23,401.07, the S&P 500 .SPX gained 3.26 points, or 0.13 percent, to 2,560.41 and the Nasdaq Composite .IXIC dropped 7.12 points, or 0.11 percent, to 6,556.77.<\/span><\/p>\n

As third-quarter earnings season nears the half-way mark, 74 percent of companies have topped expectations, above the 72 percent beat rate for the past four quarters.<\/span><\/p>\n

However, earnings growth for the quarter is currently 5.3 percent, well below the double-digit growth rates of the prior two quarters. With major U.S. indexes at record levels, earnings have been scrutinized to see if they warrant stretched valuations.<\/span><\/p>\n

Also denting healthcare names was a fall of 4.8 percent in Bristol-Myers Squibb (BMY.N) after its quarterly profit fell short of estimates due to higher costs and an inventory write-off. AbbVie (ABBV.N) dropped 2.4 percent after reporting deaths in psoriasis studies.<\/span><\/p>\n

Late in the session, shares of Aetna (AET.N) surged after Dow Jones reported CVS Health (CVS.N) was in talks to buy the company. Aetna shares closed up 11.5 percent at $178.60<\/span><\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.<\/span><\/p>\n

About 7.04 billion shares changed hands in U.S. exchanges, above the 5.97 billion daily average over the last 20 sessions.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-usa-stocks\/dow-sp-gain-but-nasdaq-dips-as-healthcare-lags-idUSKBN1CU1KU<\/span><\/p>\n

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