U.S. stocks advanced modestly Tuesday, with the S&P 500 edging closer toward a record as investors parsed a fresh batch of corporate earnings for clues on the broader economy.
Dow component UnitedHealth Group Inc. UNH, -3.42% initially rose after it beat revenue and profit expectations for the first quarter while boosting its full-year outlook. But the stock quickly surrendered those gains on concerns over threats that new health care reform measures, like Medicare-for-all, could significantly hurt health insurance industry profits. The stock fell 4.9%.Last Friday, presidential hopeful and Sen.
In corporate data, industrial production fell 0.1% in March, below the 0.1% rise expected by economists surveyed by MarketWatch. The same report showed capacity utilization falling to 78.8% in March, the lowest since last July, and below expectations of 79.1% “The tone of [UnitedHealth Group’s] outlook and particularly the political overhang is preventing them from rallying on good past performance,” he added.
What stocks are in focus? Johnson & Johnson JNJ, +0.98% rose 1.8% after the consumer and health-care product company topped Wall Street expectations for revenue and earnings in the first quarter.
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