United States stocks close lower, Dow drops 177 points

Marcus Newton
January 31, 2018

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.

Shares of healthcare-related companies dropped after Amazon.com, Berkshire Hathaway and JPMorgan said they plan to form a venture aimed at lowering healthcare costs for their US employees.

The Nasdaq fell 64.02 (-0.86 percent) to close at 7,402.48, while the S&P 500 finished trading at 2,822.43, down 31.10 (-1.09 percent) for the day.

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The Dow Jones Industrial Average slipped 362 points to 26,076, recovering slightly after falling as much as 411 points. 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 352-point drop to its session low was the Dow's steepest intraday point drop since May 17. The Nasdaq Composite was down 64 points at 7,402.

Crude oil prices were almost 2 percent lower and over $64 per barrel. Trump is expected to focus on trade and the economy, among other themes. Also, a quarter of the S&P 500 companies are set to report their earnings this week.

Harley-Davidson Inc HOG.N closed down 8.0 percent after announcing it would close a Kansas City plant in the face of declining shipments.

Other reports by MaliBehiribAe

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