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Health stocks plunge after Amazon, JPMorgan, Berkshire team-up to cut costs

The S&P health sector tumbled 1.9 per cent, the most among the 11 major sectors and set for its biggest one-day drop since October 2016

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Rising bond yield continued to weigh on US stocks on Tuesday, pushing the Dow Jones Industrial Average down more than 250 points, with pressure also being piled on by a drop in health companies.

Shares of healthcare-related companies fell afterAmazon.com, Berkshire Hathaway and JPMorgan said they plan to form a venture aimed at lowering healthcare costs for their US employees.

The S&P health sector tumbled 1.9 per cent, the most among the 11 major sectors and set for its biggest one-day drop since October 2016, with all categories of companies dropping.

Health insurer UnitedHealth fell 4.3 per cent, the most among

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First Published: Jan 31 2018 | 1:27 AM IST

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