Dow Down 106, Hospitals Surge as Business and Politics Mix

The Dow tumbled -106.47 points in lighter than average trading today, closing at 18,096.90. The NASDAQ and S&P 500 both fell alongside the Dow. The S&P 500 lost -9.25 points to close at 2,098.53, while the NASDAQ was down -12.76 to 4,967.14. In overseas trading, Hong Kong's Hang Seng continued to trend downward, losing another -237 points today for a 5-day loss of -312.67. Germany's DAX rallied after yesterday's fall, gaining 110 points to close the day at 11,390.38.

SanDisk Stock Up On New Product Plans.  Digital storage and memory card manufacturer SanDisk saw share prices shoot up by almost 5% after an announcement was made about their newest enterprise products.
SanDisk (SNDK) stock gained 3.59 points today, and closed at $82.68 per share.

Health Services Up As Another Obamacare Case Heard By Supreme Court. Business and politics mixed together today, as the US Supreme Court began hearing another challenge to Obamacare. The health services sector as a whole was up 9.37%, and leads the market in sector growth YTD. Tenet Healthcare Corp (THC) and HCA Holdings (HCA), which own hospitals and other infrastructure, were both up on the day. Tenet added 2.93 points to close at $49.99 per share, and HCA was up 4.14 points to $74.93.

GameStop Continues To Rise.  As reported on Monday, GameStop stock is hot right now. We said that the conditions are just right for the video game retailer to see share prices rise to over $40, and we were right. Today, GameStop (GME) gained 1.35 points to close the day's trading at $40.03.

Gold Dips Below $1,200 Again.  The price of gold continued to fall today, dipping below $1,200 per troy ounce by the end of trading and falling even further on aftermarket speculation. In contrast, yields for 10-year Treasury notes have been rising steadily, topping out at 2.12% today.

Saudi Arabia Says “Don't Blame Us” For Oil Prices.  Amid ongoing speculation that Saudi Arabia and OPEC have engineered the drop in the price of oil in order to kill off North America's shale oil boom, the Minister of Oil in Saudi Arabia has said that it's all a big misunderstanding. Minister Ali al-Naimi claimed in a recent speech, “OPEC and Saudi Arabia have yet again been maliciously -- and unfairly -- criticized for what is, in reality, a market reaction.”

The market reaction that he's referring to is the current glut in oil production, although OPEC's typical response would be to cut production in order to avoid plummeting oil prices. In trading today, the price of a barrel of crude rose $1 to $51.53, down from highs of over $100 at this time last year. It appears to have found something like a ceiling at $50.
Published on Mar 4, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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