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S & P 500 near flat as the healthcare in spotlight




  Traders working on the NYSE floor in New York
Traders working on the floor of the New York Stock Exchange (NYSE) in New York, USA, July 1, 2019. REUTERS / Brendan McDermid

July 11, 2019 [19659004] By Caroline Valetkevitch

NEW YORK (Reuters) – The S & P 500 was little changed in the afternoon shopping on Thursday, with the health care services mixed after the Trump administration pulled a rule that would kill discounts.

Stocks of drugstore managers achieved as the news believed these companies would continue to benefit from aftermarket discounts from drugmakers. Health insurance companies and drug dealers also increased.

A 5.3% gain in UnitedHealth Group Inc helped the Dow break over 27,000 points for the first time. Cigna Corp increased by 9%.

At the same time, drug manufacturers such as Merck & Co Inc and Pfizer Inc and the Nasdaq biotech index <.NBI> fell 1[ads1].7%. The health index <.SPXHC> was down 0.3%.

Helping to support stocks was the comments of the Federal Reserve Mayor Jerome Powell, who raised expectations of interest rate cuts.

Powell, at its first testimony before Congress on Wednesday, confirmed the US economy still threatened by disappointing factory activity, domestic inflation and a staggering trade war, saying the Fed was ready to "act as appropriate". Powell testified to the Senate of the Banking Committee on Thursday.

S & P 500 rose above the 3,000 level for the first time Wednesday after the news and hit high on 3,002.33 on Thursday, but the index has been able to hold above this level.

"The fact that the market has tried several times this week to get through it and stay has been a major psychological negative," said Michael James, stock market director at Wedbush Securities in Los Angeles.

Dow Jones Industrial Average <.DJI> rose 174.03 points, or 0.65% to 27.034.23, received S & P 500 [1.45 points] or 0.07% to 2.995.04 and Nasdaq Composite <.IXIC> fell 13, 86 points, or 0.17% to 8,188.67.

Iron Mountain slumped after the Bank of America Merrill Lynch downgraded the document's stockpile stock to "underperform", citing the recent declines in recycled paper prices. 19659004] A report from the Ministry of Labor showed that US underlying consumer prices rose the most in almost 1-1 / 2 years in June, but it was unlikely to change expectations that the Fed would cut prices this month.

Falling issues beyond to promote them NYSE with a ratio of 1.19 to 1.

(Additional reporting by Medha Singh and Manas Mishra in Bengaluru; Editing Shounak Dasgupta, Maju Samuel and Jonathan Oatis)



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