published on January 30, 2018 - 1:15 PM
Written by Associated Press

(AP) — The latest on developments in financial markets (All times local):
4 p.m.

The stock market slumped to its worst loss since August, giving back some of the big gains it has posted since the beginning of the year.

Health care companies were by far the biggest losers on Tuesday.

Insurers, drugmakers and distributors slumped following news that Amazon was teaming up with JPMorgan Chase and Berkshire Hathaway on a health care venture.

CVS Health sank 4.1 percent and UnitedHealth Group dropped 4.3 percent.

The Standard & Poor’s 500 index fell 31 points, or 1.1 percent, to 2,822.

The Dow Jones industrial average slid 362 points, or 1.4 percent, to 26,076.

The Nasdaq lost 64 points, or 0.9 percent, to 7,402.

Bond prices continued to fall. The yield on the 10-year Treasury rose to 2.72 percent, its highest level in almost four years.

11:45 a.m.
Stocks fell sharply in midday trading on Wall Street, extending the market’s losses from a day earlier.

Health insurers, drugmakers and distributors led the slide Tuesday following news that JPMorgan Chase, Amazon and Berkshire Hathaway are launching a health care venture.

Express Scripts plunged 7 percent, CVS Health sank 5 percent and UnitedHealth Group dropped 3.3 percent.

Technology stocks also retreated. Energy companies fell as crude oil prices headed lower.

The Standard & Poor’s 500 index fell 24 points, or 0.9 percent, to 2,828.

The Dow Jones industrial average slid 293 points, or 1.1 percent, to 26,148.

The Nasdaq composite lost 47 points, or 0.6 percent, to 7,419.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 percent.

9:35 a.m.
Health care stocks are leading U.S. indexes broadly lower in early trading following news of a big new venture in the health care business.

Prescription drug makers, drug distributors and health insurers posted big losses early Tuesday on fears of stiff competition from a new venture announced by JPMorgan Chase, Amazon and Berkshire Hathaway.

Express Scripts plunged 9 percent and UnitedHealth Group sank 4.4 percent.

The Standard & Poor’s 500 index fell 19 points, or 0.7 percent, to 2,853.

The Dow Jones industrial average slid 226 points, or 0.7 percent, to 26,214.

The Nasdaq composite lost 58 points, or 0.8 percent, to 7,407.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 percent.


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