Dow slumps 362 points, health care stocks sink

US stocks retreat from records ahead of packed week for corporate earnings

Dow Analyst Moves: V

US stocks fell for a second straight day on Tuesday, with the Dow registering its biggest two-day drop since September 2016, pressured by healthcare stocks and rising bond yields. Berkshire Hathaway and JPMorgan Chase announced they were teaming up to find ways to cut health-care costs.

The S&P health sector tumbled 1.6 percent, the most among the 11 major sectors. Moves lower come ahead of President Donald Trump's State of the Union speech later Tuesday and as investors await the conclusion of the Federal Reserve's two-day policy meeting. The Dow closed off about 362 points, or 1.4% at 26,076, marking its steepest daily percentage drop since May.

The CBOE Volatility Index, the most widely followed gauge for investors' "fears", rose to as much as 14.69, its highest level since August.

Stocks posted sharp losses Tuesday, as health care stocks and lower oil prices weighed on the market.

"Armenpress" reports the value of Dow Jones down by 0.67% to 26439.48 points, S&P 500 down by 0.67% to 2853.53 points, Nasdaq down by 0.52% to 7466.50 points. Pfizer Inc PFE.N was down 3.1 percent despite its better-than-expected earnings and upbeat 2018 guidance.

Winners and Losers: Wynn Resorts sunk 9.32 percent as the hotel and casino company continues to feel the heat from the Wall Street Journal's reporting of sexual misconduct allegations against CEO Steve Wynn.

Declining issues outnumbered advancers on the NYSE by 2,260 to 618.

Latest News