Dow Rebounds With Help From UnitedHealth
The Dow Jones Industrial Average turned higher on Wednesday, but for the second day in a row UnitedHealth Group’s gains were the difference.
The Dow was up 40 points, or 0.1%, in recent trading. UnitedHealth shares were up about 3%, adding 89.4 points to the Dow, according to Dow Jones Market Data. On Tuesday its gains contributed 152.81 points, helping the Dow close up with a gain of 63.86 points.
More than half of the Dow’s 30 members were trading lower or were flat. Its worst performers were Travelers and Intel, down 7.4% and 1.4%, respectively.
The S&P 500 was down 0.3%. The Nasdaq Composite was down 0.7%.
“The earnings season is off to a somewhat disturbing start, with several companies reporting beats trading down when guidance was more cautious than hoped for,” writes Navellier & Associates founder Louis Navellier. “We’ll probably need a couple of days of stability to bring in new money.”