You are here: Home » Reuters » News
Business Standard

Wall Street struggles to gain further as healthcare, bank stocks weigh


By Sruthi Shankar

(Reuters) - The 500 and the Dow struggled to edge higher on Monday, stalling the strong rally that marked the start of 2018, pressured by losses in healthcare and

The and the Nasdaq last week recorded its strongest first four trading days in a year since 2006, and the Dow industrials posted its best since 2003.

"The market was probably a little bit overbought, it was a big week for in terms of strength and breadth, it's more of a pause," said John Brady, at in

At 12:40 p.m. ET (1740 GMT), the Industrial Average <.DJI> was down 33.16 points, or 0.13 percent, at 25,262.71.

The 500 <.SPX> was up 0.13 points, or 0.004 percent, at 2,743.28 and the <.IXIC> was up 12.44 points, or 0.17 percent, at 7,148.99.

Investors waited for the fourth-quarter earnings reports to gauge the impact of recent tax cuts. The earnings season kicks off later this week, starting with big banks.

Shares of of America , and were down between 0.74 percent and 1 percent. Most big U.S. lenders have estimated one-off charges to their fourth quarter earnings on account of tax cuts.

The fell 0.7 percent and was the biggest loser among the sectors on the first day of in

The index <.NBI> fell 1.77 percent and was set for its worst day since Oct. 26, led by a 4 percent drop in and 3.2 percent decline in .

climbed more than 2 percent to hit a record at $165.55, after upgraded the stock saying the tax overhaul could help North America's construction business cycle extend in 2018.

jumped as much as 8.7 percent after the posted far stronger same-store sales for the holidays than its bigger peers.

edged up 1.23 percent after hiked its price target on the online retailer's stock.

jumped about 4 percent after the graphics chipmaker announced partnership with and as its platforms expand into for self-driving cars.

shares plunged 33 percent to hit a record low at $5.04 after the company said it expected lower fourth-quarter revenue and that it would exit the drone business.

Declining issues outnumbered advancers on the NYSE by 1,466 to 1,374. On the Nasdaq, 1,677 issues fell and 1,228 advanced.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

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

First Published: Tue, January 09 2018. 00:00 IST