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Friday 22 September 2017

Wall Street edges up, shaking off healthcare, North Korea worries

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The Dow Jones Industrial Average fell 9.64 points, or 0.04 percent, to 22,349.59, the S&P 500 gained 1.62 points, or 0.06 percent, to 2,502.22 and the Nasdaq Composite added 4.23 points, or 0.07 percent, to 6,426.92.
Some investors moved to safe-haven assets such as gold, after North Korea said it might test a hydrogen bomb over the Pacific Ocean in response to US President Donald Trump's threat to destroy the reclusive country.
But others felt that the market would cope with the ongoing stand-off between the countries, which has been ratcheting up in recent months. "If you cry wolf enough it loses its impact in the end," Antonelli said.
Five of the 11 major S&P sectors ended the day lower and utilities led the decliners with a 0.7 percent loss. After falling as much as 0.5 percent, the healthcare sector ended 0.08 percent higher.
Earlier in the day concern about the Graham-Cassidy healthcare bill had wreaked havoc with insurers' stocks. UnitedHealth closed down 1.1 percent after falling as much as 3.6 percent earlier in the day.
The small telecom services index , with only four stocks, was the biggest percentage gainer with a 1.4 percent rise on consolidation speculation while the energy index rose 0.5 percent as oil futures settled higher.
T-Mobile gained 1 percent after Reuters reported that the cellphone network operator was close to agreeing tentative terms on a deal to merge with Sprint , whose shares jumped 6.1 percent.
The report also pushed up bigger rivals Verizon Communications and AT&T Inc , which could benefit from having one less competitor.
Advancing issues outnumbered declining ones on the NYSE by a 1.82-to-1 ratio; on Nasdaq, a 1.91-to-1 ratio favoured advancers.
About 5.26 billion shares changed hands on US exchanges compared with the 6.03 billion average for the last 20 sessions.

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