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Health stocks boost Wall Street; energy a drag

Reuters 

By Caroline Valetkevitch

(Reuters) - U.S. edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in prices weighed on energy and limited the advance.

The day's small gains followed a decline in the market on Monday and analysts said the post-U.S. election rally may be losing momentum with the S&P 500 now up roughly 8 percent for the year to date.

has risen sharply following Donald Trump's White House win, helped in part by investor expectations that his plans to increase infrastructure spending, cut corporate taxes and reduce regulation will boost the economy.

"The Trump rally seems to have stalled out to some extent, and I think it's stalled because we're starting to run into valuation concerns," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"He's given some extra life to the recovery and the bull market, but not a lot."

The healthcare index <.SPXHC> led gains in the S&P 500, rising 0.7 percent. of UnitedHealth Group Inc , the largest U.S. health insurer, were up 3.6 percent and hit a record intraday high a day after the company issued a better-than-expected earnings forecast for the coming year. Other insurers also gained, including Aetna , up 2.8 percent.

Other major gainers among health were AbbVie , which rose 3.6 percent.

The Dow Jones industrial average <.DJI> rose 23.7 points, or 0.12 percent, to 19,121.6, while the S&P 500 <.SPX> gained 2.94 points, or 0.13 percent, to 2,204.66.

The Nasdaq Composite <.IXIC> added 11.11 points, or 0.21 percent, to end at 5,379.92, after hitting a record intraday high.

U.S. had their worst performance in nearly a month on Monday after a streak of record highs last week.

Also helping boost sentiment on Tuesday was data that showed the U.S. economy grew more quickly than initially thought in the third quarter for its best performance in two years.

But a slide in prices helped weigh on the S&P energy index <.SPNY>, which fell 1.2 percent.

prices fell on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

of Tiffany rose 3.1 percent to $80.60 after the jewellery company reported its first rise in sales in eight quarters.

Investors will be watching data from retailers closely in the coming weeks for clues on how the holiday shopping season will turn out.

Declining issues outnumbered advancing ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favoured decliners.

The S&P 500 posted 28 new 52-week highs and no new lows; the Nasdaq Composite recorded 177 new highs and 29 new lows.

About 6.7 billion changed hands on U.S. exchanges, compared with the 7.8 billion daily average for the past 20 trading days, according to Thomson Reuters data.

(Additional reporting by Tanya Agrawal; Editing by Savio D'Souza and Dan Grebler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Health stocks boost Wall Street; energy a drag

(Reuters) - U.S. stocks edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in oil prices weighed on energy shares and limited the advance.

By Caroline Valetkevitch

(Reuters) - U.S. edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in prices weighed on energy and limited the advance.

The day's small gains followed a decline in the market on Monday and analysts said the post-U.S. election rally may be losing momentum with the S&P 500 now up roughly 8 percent for the year to date.

has risen sharply following Donald Trump's White House win, helped in part by investor expectations that his plans to increase infrastructure spending, cut corporate taxes and reduce regulation will boost the economy.

"The Trump rally seems to have stalled out to some extent, and I think it's stalled because we're starting to run into valuation concerns," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"He's given some extra life to the recovery and the bull market, but not a lot."

The healthcare index <.SPXHC> led gains in the S&P 500, rising 0.7 percent. of UnitedHealth Group Inc , the largest U.S. health insurer, were up 3.6 percent and hit a record intraday high a day after the company issued a better-than-expected earnings forecast for the coming year. Other insurers also gained, including Aetna , up 2.8 percent.

Other major gainers among health were AbbVie , which rose 3.6 percent.

The Dow Jones industrial average <.DJI> rose 23.7 points, or 0.12 percent, to 19,121.6, while the S&P 500 <.SPX> gained 2.94 points, or 0.13 percent, to 2,204.66.

The Nasdaq Composite <.IXIC> added 11.11 points, or 0.21 percent, to end at 5,379.92, after hitting a record intraday high.

U.S. had their worst performance in nearly a month on Monday after a streak of record highs last week.

Also helping boost sentiment on Tuesday was data that showed the U.S. economy grew more quickly than initially thought in the third quarter for its best performance in two years.

But a slide in prices helped weigh on the S&P energy index <.SPNY>, which fell 1.2 percent.

prices fell on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

of Tiffany rose 3.1 percent to $80.60 after the jewellery company reported its first rise in sales in eight quarters.

Investors will be watching data from retailers closely in the coming weeks for clues on how the holiday shopping season will turn out.

Declining issues outnumbered advancing ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favoured decliners.

The S&P 500 posted 28 new 52-week highs and no new lows; the Nasdaq Composite recorded 177 new highs and 29 new lows.

About 6.7 billion changed hands on U.S. exchanges, compared with the 7.8 billion daily average for the past 20 trading days, according to Thomson Reuters data.

(Additional reporting by Tanya Agrawal; Editing by Savio D'Souza and Dan Grebler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Health stocks boost Wall Street; energy a drag

By Caroline Valetkevitch

(Reuters) - U.S. edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in prices weighed on energy and limited the advance.

The day's small gains followed a decline in the market on Monday and analysts said the post-U.S. election rally may be losing momentum with the S&P 500 now up roughly 8 percent for the year to date.

has risen sharply following Donald Trump's White House win, helped in part by investor expectations that his plans to increase infrastructure spending, cut corporate taxes and reduce regulation will boost the economy.

"The Trump rally seems to have stalled out to some extent, and I think it's stalled because we're starting to run into valuation concerns," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"He's given some extra life to the recovery and the bull market, but not a lot."

The healthcare index <.SPXHC> led gains in the S&P 500, rising 0.7 percent. of UnitedHealth Group Inc , the largest U.S. health insurer, were up 3.6 percent and hit a record intraday high a day after the company issued a better-than-expected earnings forecast for the coming year. Other insurers also gained, including Aetna , up 2.8 percent.

Other major gainers among health were AbbVie , which rose 3.6 percent.

The Dow Jones industrial average <.DJI> rose 23.7 points, or 0.12 percent, to 19,121.6, while the S&P 500 <.SPX> gained 2.94 points, or 0.13 percent, to 2,204.66.

The Nasdaq Composite <.IXIC> added 11.11 points, or 0.21 percent, to end at 5,379.92, after hitting a record intraday high.

U.S. had their worst performance in nearly a month on Monday after a streak of record highs last week.

Also helping boost sentiment on Tuesday was data that showed the U.S. economy grew more quickly than initially thought in the third quarter for its best performance in two years.

But a slide in prices helped weigh on the S&P energy index <.SPNY>, which fell 1.2 percent.

prices fell on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

of Tiffany rose 3.1 percent to $80.60 after the jewellery company reported its first rise in sales in eight quarters.

Investors will be watching data from retailers closely in the coming weeks for clues on how the holiday shopping season will turn out.

Declining issues outnumbered advancing ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favoured decliners.

The S&P 500 posted 28 new 52-week highs and no new lows; the Nasdaq Composite recorded 177 new highs and 29 new lows.

About 6.7 billion changed hands on U.S. exchanges, compared with the 7.8 billion daily average for the past 20 trading days, according to Thomson Reuters data.

(Additional reporting by Tanya Agrawal; Editing by Savio D'Souza and Dan Grebler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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177 22

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