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Stocks gave up early gains and closed lower on Wall Street, led
by drops in health care companies.
The S&P 500 fell 0.4% Thursday. The Dow Jones Industrial Average
lost 0.7%, and the Nasdaq composite slipped less than 0.1%.
Health care stocks sank after the White House released letters
asking big pharmaceutical companies to cut prices and make other
changes in the next 60 days. Meta Platforms surged after the
parent company of Facebook and Instagram crushed Wall Street’s
sales and profit targets even as the company continues to pour
billions of dollars into artificial intelligence.
On Thursday:
The S&P 500 fell 23.51 points, or 0.4%, to 6,339.39.
The Dow Jones Industrial Average fell 330.30 points, or 0.7%, to
44,130.98.
The Nasdaq composite fell 7.23 points, or less than 0.1%, to
21,122.45.
The Russell 2000 index of smaller companies fell 20.75 points,
or 0.9%, to 2,211.65.
For the week:
The S&P 500 is down 49.25 points, or 0.8%.
The Dow is down 770.94 points, or 1.7%.
The Nasdaq is up 14.13 points, or 0.1%.
The Russell 2000 is down 49.42 points, or 2.2%.
For the year:
The S&P 500 is up 457.76 points, or 7.8%.
The Dow is up 1,586.76 points, or 3.7%.
The Nasdaq is up 1,811.66 points, or 9.4%.
The Russell 2000 is down 18.51 points, or 0.8%.
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