|Day's Range||26,076.21 - 26,317.34|
|52 Week Range||22,219.11 - 26,616.71|
The SPDR Health Care Select Sector ETF rose 0.7% toward a record high in afternoon trade Tuesday, with 55 of its 63 equity components gaining ground. Among the ETF's (XLV) members which are also Dow Jones Industrial Average components, Pfizer Inc.'s stock shot up 1.5%, putting it on track to close at the highest level since December 2001. Also, shares of Johnson & Johnson gained 0.6% toward an eight-month high, Merck & Co. Inc. tacked on 0.4% to sit just shy of its 17-year high reached last Thursday, and UnitedHealth Group Inc. slipped 0.1% and was 2.2% below its Sept. 6 record close of $269.65. The XLV's biggest gainer was Abiomed Inc.'s stock , which rallied 2.7%, while its biggest decliner was AbbVie Inc.'s stock , which shed 2.1% after California sued the company alleging the payment of illegal kickbacks. The XLV has rallied 11% over the past three months, while the Dow has tacked on 5.2%.
AbbVie Inc. shares dropped 2.3% in extremely heavy Tuesday afternoon trade after California's insurance commissioner filed a lawsuit alleging that the company paid illegal kickbacks to push prescribing of its blockbuster arthritis drug Humira. According to the lawsuit, AbbVie also used registered nurse "ambassadors" to work with patients on behalf of doctors, as long as doctors prescribed Humira, while nurses downplayed the drug's side effects and risks. The California Department of Insurance has asked for compensation of three times the amount of each claim that was made for Humira, along with civil penalties for each fraudulent claim, attorney's fees and other relief; the state cited data that private insurers paid more than $1.29 billion on Humira in recent years and had more than 274,000 claims. The case was brought forward by a whistleblower who served as an AbbVie "nurse educator" and "patient ambassador" between 2013 and 2014, Lazaro Suarez, who became troubled about the program's "emphasis on the bottom line" and attended training where ambassadors were told to hide serious cancer and infection risks from patients. California filed to intervene in the case on August 31 through its state insurance commissioner, Dave Jones, according to the lawsuit. AbbVie shares have dropped 5.3% over the last three months, compared with a 4.9% rise in the S&P 500 and a 5.3% rise in the Dow Jones Industrial Average .
By Stephen Culp NEW YORK (Reuters) - Wall Street bounced back on Tuesday, led by gains in consumer discretionary, technology and industrial stocks as investors shrugged off escalating trade rhetoric between ...
U.S. stocks vault higher Tuesday afternoon, with investors shrugging off escalating trade tensions to instead focus on an economy that remains strong by many measures
In the week that ended on September 7, US crude oil inventories fell 3% below their five-year average. In the previous week, inventories were on par with their five-year average.
The Dow Jones Industrial Average late-afternoon Tuesday jumped by more than 240 points, trading at session highs as Wall Street investors shrugged off escalating trade tensions to focus on a healthy domestic economy. The Dow was up 246 points, or 0.9%, at 26,309, putting the blue-chip gauge about 1.2% shy of its Jan. 26 record at 26,616.71. The rally comes despite China's decision to impose tariffs of 5% to 10% on $60 billion worth of U.S. products that will take effect Sept. 24. That news is in direct response to the Trump administration's announcement of 10% tariffs on $200 billion in Chinese goods, which will be implemented on the same date. The clashes between Beijing and Washington have been a source of anxiety for the market, but it hasn't prevented equities from mostly trending higher on the back of strong jobs and healthy corporate earnings. Meanwhile, the S&P 500 index climbed 0.7% at 2,910, while the Nasdaq Composite Index advanced 1% at 7,976.
US markets have been quite resilient for the most part in 2018—even in the face of escalating trade tensions between the United States and the European Union, Canada, Mexico, and China. The markets have tended to dive initially only to erase most of the losses later on—probably because the markets believe that the United States has the upper hand in the trade situation and has less to lose. In contrast, China’s major indexes have plunged ~25.0% from their highs this year, and its economic growth is also feeling the pressure from these escalating trade tensions.
Technology and consumer-focused companies led U.S. stocks broadly higher Tuesday afternoon, reversing much of the market's losses from a day earlier. Health care stocks also posted solid gains.
Markets subdued as China and America ratchet up tariffs on goods. Yahoo Finance's Seana Smith, Dion Rabouin, Kathy Jones, Sr. VP and Chief Fixed Income Strategist and Liz Young of BNY Mellon Snr. Investment Strategist, discuss.