Dow tumbles 362 points as health care stocks drag on Wall Street

Alicia Cross
January 31, 2018

Winners and Losers: Technology and health care companies were hit by news that Amazon, Berkshire Hathaway, and JP Morgan Chase were partnering in their own health care venture. Looking ahead, investors are awaiting the State of the Union address from President Donald Trump later Tuesday as well as the Federal Reserve's latest policy update on Wednesday.

The Dow Jones Industrial Average lost 362.59 points, or 1.37 percent, to 26,076.89.

The S&P health sector tumbled 1.6 percent, the most among the 11 major sectors. The 352-point drop to its session low was the Dow's steepest intraday point drop since May 17.

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Crude oil prices were almost 2 percent lower and over $64 per barrel. The S&P 500 index and the Nasdaq Composite Index were also facing selling pressure, and threatening to mark the first back-to-back declines for those benchmarks in January. Trump is expected to focus on trade and the economy, among other themes. They had risen about 2 percent in premarket trading after the company's quarterly results and full-year forecasts beat expectations.

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.

Declining issues outnumbered advancing ones on the NYSE by a 4.17-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored decliners.

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