3 weeks ago
Stock Market

Stocks - Dow Extends Losing Streak as Trade Optimism Cools

Investing.com – The Dow fell for a second-straight day Wednesday as investor optimism on trade cooled and healthcare was led

Investing.com – The Dow fell for a second-straight day Wednesday as investor optimism on trade cooled and healthcare was led lower by a slump in Mylan.

The Dow Jones Industrial Average fell 0.28%, or about 73 points, but was down as much as 180 points at session lows. The S&P 500 lost 0.06%, while the Nasdaq Composite rose 0.07%.

U.S. Trade Representative Robert Lighthizer cooled investor hopes of the U.S. and China reaching a trade deal sooner rather later. He suggested there was still more work done.

"Let me be clear," Lighthizer told the House Ways and Means Committee. "Much still needs to be done both before an agreement is reached and, more importantly, after it is reached, if one is reached."

The somewhat somber tone on trade comes just days after the market participants cheered news that President Donald Trump pushed back a deadline on imposing additional tariffs on China that were due to go into effect on Friday.

Semis stocks, some of which have a sizable exposure to China, tripped up on the Lighthizer's remarks.

But Boeing (NYSE:BA) and Caterpillar (NYSE:CAT), both viewed as barometers of international trade, ended the day higher, underpinning industrials.

Healthcare stocks, meanwhile, struggled to get shake off slump in the Mylan, keeping a lid on gains in the broader market.

Mylan NV (NASDAQ:MYL) fell 15% after the drugmaker reported fourth-quarter earnings that missed estimates provided by Investing.com. Guidance also fell short of the expectations.

WellCare Health Plans (NYSE:WCG) and UnitedHealth Group Incorporated (NYSE:UNH) Group closed down sharply for the end.

But it wasn't all doom and gloom as Best Buy (NYSE:BBY) served up fourth-quarter results that beat on both the top and bottom lines, triggering a wave of green for retailers.

Energy stocks also powered the broader market off session lows on rising oil prices thanks to data showing domestic crude supplies fell much more than expected last week.