ALSO READStocks look for direction ahead of Fed; oil prices jump Banks, oil stocks hinder Dow's pursuit of 20,000 Oil drop stymies Dow's march to 20,000; Nasdaq boosted by health stocks Oil drop stymies Dow's march to 20,000; health stocks boost Nasdaq Wall Street rises, lifted by technology and energy stocks
By Rodrigo Campos
Hospital operator shares were hit after a nonpartisan research report showed 14 million Americans would lose medical insurance by next year under a Republican proposal.
Trading volume was light ahead of a Federal Reserve statement due on Wednesday in which the U.S. central bank is expected to raise interest rates by 25 basis points.
Airline stocks dropped as a blizzard swept through the heavily populated northeastern United States, grounding thousands of flights. United Continental
Oil prices slid to the lowest since late November after OPEC reported a rise in global crude inventories and raised its forecast of production in 2017 from outside the group, suggesting complications in an effort to clear a glut and support prices.
The S&P energy sector <.SPNY> fell 1.1 percent to close at its lowest since Nov. 4. Chevron
"None of the data you're getting is good if you're trying to increase (crude) prices; it doesn't look like oil supply is diminishing," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
She said energy sector earnings have little upside potential so their stocks' underperformance is to be expected.
The Dow Jones Industrial Average <.DJI> fell 44.11 points, or 0.21 percent, to 20,837.37, the S&P 500 <.SPX> lost 8.02 points, or 0.34 percent, to 2,365.45 and the Nasdaq Composite <.IXIC> dropped 18.97 points, or 0.32 percent, to 5,856.82.
About 6.23 billion shares changed hands on U.S. exchanges, compared with the 6.93 billion daily average over the last 20 sessions.
Shares of hospital operators fell after the U.S. Congressional Budget Office forecast that 14 million Americans would lose medical insurance by next year under a Republican plan to dismantle Obamacare. Among hospital stocks, HCA Holdings
Declining issues outnumbered advancing ones on the NYSE by a 1.99-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favoured decliners.
The S&P 500 posted 14 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 55 new highs and 60 new lows.
(Reporting by Rodrigo Campos; Editing by Dan Grebler)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)