By Sin\u00e9ad Carew and Tharuniyaa Lakshmi <\/p>\n
Oct 20 (Reuters) – The Dow rose 1% on Tuesday, outperforming the benchmark S&P 500 while the healthcare sector provided Wall Street’s biggest boost and technology was its biggest drag. <\/p>\n
Healthcare led gains among the S&P 500’s 11 major \u200csector indexes, hitting a record high. Eli Lilly was the S&P 500’s biggest index point contributor while UnitedHealth, Merck & Co, Johnson & Johnson \u200cand Amgen helped boost the blue-chip Dow industrials. <\/p>\n
Declines in megacap stocks pulled down the communication services sector. Energy shares underperformed as oil prices fell after touching a five-month high. Oil \u200btraders were weighing a meeting between the Iranian president and Pakistan’s army chief, a US-Iran mediator, against Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. <\/p>\n
TECH STOCKS TAKE A BREATHER <\/p>\n
While the heavyweight technology sector eased 0.3%, it was the biggest index-point drag on the S&P 500 and kept the Nasdaq close to flat. Technology stocks had rebounded on Monday from a selloff last week when investors worried about steep spending and financing costs for AI developments. <\/p>\n
“Equity \u200cinvestors are still a little skeptical around the AI \u2060trade and the ability for some of these companies to monetize their investments, so you’re seeing a bit of a rotation into other areas of the market,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors, pointing \u2060to advances on Tuesday in small caps and healthcare companies. <\/p>\n
“Investors are looking for other opportunities outside of tech, and healthcare is one of the beneficiaries of that,” he said. <\/p>\n
The Dow Jones Industrial Average rose 529.85 points, or 1.02%, to 52,495.88, the S&P 500 gained 21.84 points, or 0.28%, to 7,712.57 and the Nasdaq Composite lost 6.07 \u200bpoints, \u200bor 0.02%, to 26,424.82. <\/p>\n
The S&P 500 value index rose 0.9% compared with a 0.2% \u200bdrop in its growth counterpart. The small-cap Russell 2000 index \u200cfinished up 1.7%. <\/p>\n
With a 1% gain, the financial services sector was the S&P 500’s second-biggest index point boost. Defensive sectors also outperformed, with real estate adding 1.7% and utilities climbing 1.2%. <\/p>\n
A 1.7% drop in Netflix, a 1.6% decline in Meta and a 1% loss in Google parent Alphabet sent the communication services index down 0.9%. <\/p>\n
SpaceX reported a third-quarter profit after the market closed that blew past estimates, boosting its shares 4% in late trading. <\/p>\n
Netflix issued a weaker-than-expected forecast for fourth-quarter profit after the bell, and its shares fell 6%. <\/p>\n
Meta and Tesla are scheduled to report on Wednesday. <\/p>\n
General Motors shares sank \u200c6.8% after the automaker signaled pressure in coming months from higher commodity costs and \u200blower truck sales. <\/p>\n
3M rose 5.8% after the company said it was expanding its data-center partnership with \u200bAmazon and issued a warrant to an Amazon subsidiary to purchase \u200b3M common stock worth over $521 million. The industrial conglomerate also raised its full-year profit forecast. <\/p>\n
Credit reporting firm Equifax rallied 11.3% \u200cafter it reported third-quarter profit above analysts’ estimates. Hasbro shares \u200bjumped 11.2% after the toymaker raised its \u200bfull-year forecast for both overall revenue and its digital gaming business. <\/p>\n
Advancing issues outnumbered decliners by a 2.04-to-1 ratio on the NYSE, where there were 114 new highs and 236 new lows. <\/p>\n
On the Nasdaq, 3,245 stocks rose and 1,608 fell as advancing issues outnumbered decliners by a \u200b2.02-to-1 ratio. The S&P 500 posted 22 new \u200c52-week highs and one new low, while the Nasdaq Composite recorded 46 new highs and 266 new lows. <\/p>\n
On US exchanges, 15.91 billion \u200bshares changed hands compared with the 17.15 billion average for the last 20 sessions. <\/p>\n
(Reporting by Sin\u00e9ad Carew in New York, Tharuniyaa \u200bLakshmi and Ragini Mathur in Bengaluru; Editing by Shilpi Majumdar and Rod Nickel) <\/p>\n","protected":false},"excerpt":{"rendered":"By Sin\u00e9ad Carew and Tharuniyaa Lakshmi Oct 20 (Reuters) – The Dow rose 1% on Tuesday, outperforming the…\n","protected":false},"author":2,"featured_media":940801,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[15261,45,161,49,48,46,133,1828,84,392,1829,74172,1830,1831,39783,8123,131,2519,968,1705,2511,1832,1833,176,74173,3322,74174],"class_list":["post-940800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-401k","tag-business","tag-business-news","tag-ca","tag-canada","tag-economy","tag-finance","tag-financial-information","tag-health","tag-healthcare","tag-investing","tag-investment-tools","tag-investor","tag-market-news","tag-mortgage","tag-mutual-funds","tag-personal-finance","tag-quote","tag-real-estate","tag-retirement","tag-stock","tag-stock-research","tag-stock-valuation","tag-stocks","tag-suze-orman","tag-tax","tag-track-portfolio"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/940800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=940800"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/940800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/940801"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=940800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=940800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=940800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}