Harvey Drives Energy, Insurance Companies Down

Dow Jones down 5 points on otherwise quiet trading day
By Newser Editors and Wire Services
Posted Aug 28, 2017 3:34 PM CDT
Traders Richard Cohen, left, and Eric Schumacher work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew)

(Newser) – Stocks are finishing little changed on a quiet day of trading as health care companies rise and energy and insurance companies slip, the AP reports. Biotech drug companies rose Monday after Gilead Sciences agreed to buy cancer drug developer Kite Pharma for $11.9 billion. Kite Pharma rose 28% and Gilead gained 1.2%. Energy companies and oil prices dropped as Tropical Storm Harvey continued to deluge the Gulf Coast. Anadarko Petroleum lost 2.6%. Insurer Travelers fell 2.6% as investors expected losses related to the damage caused by the storm. The Standard & Poor's 500 index rose 1 point, or less than 0.1%, to 2,444. The Dow Jones industrial average lost 5 points to 21,808. The Nasdaq composite rose 17 points, or 0.3%, to 6,283. (Read more stock market stories.)

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