Health Care Gets Hammered

Possible congressional reforms spark fears on Wall Street
By Newser Editors and Wire Services
Posted Apr 17, 2019 3:16 PM CDT
Investors Hammer Health Care Companies
This file photo specialist Peter Mazza, left, and trader Jonathan Corpina, center, work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Stocks are closing lower on Wall Street Wednesday as losses by health care companies outweigh gains elsewhere in the market, the AP reports. Investors hammered insurers amid fears over the potential impact on their profits from health reforms being discussed in Congress. Anthem fell 3.6%, Cigna lost 3.7%, and UnitedHealth dropped 1.9%. Qualcomm gained another 12.2%, adding to Tuesday's 23% gain after the chipmaker settled a legal dispute with Apple. The S&P 500 index fell 6 points, or 0.2%, to 2,900. The Dow Jones Industrial Average fell 3 points to 26,449. The Nasdaq fell 4 points or 0.1% to 7,996. (Read more stock market stories.)

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