From The Economic Times · · 1m 30s
US Stocks Rise as Healthcare Hits Record High
Healthcare stocks surge to record highs while oil prices fall, boosting US markets.
In brief
Healthcare stocks surge to record highs while oil prices fall, boosting US markets. US healthcare stocks hit record highs as oil prices drop, extending market recovery after tech selloff. Originally reported by The Economic Times.
Market Gains
Wall Street's main indexes climbed on Tuesday as healthcare stocks rallied to record highs and easing oil prices helped extend a recovery from last week's technology led selloff.
Index Performance
The dow jones industrial average rose 1.22%, while the s&p 500 gained 0.70% and the nasdaq composite added 0.59%.
Healthcare Surge
Healthcare stocks led gains in the s&p 500, rising 1.8% and financial stocks rose 1%.
Record Healthcare High
S&p 500 healthcare index rose 2.28% and hit a record high with eli lilly up 5.56% to $1,309.
Oil Prices Drop
Brent crude fell 1.3% after briefly touching a near five month high, adding to positive mood across broader markets.
Tech Selloff Recovery
Investors returned to technology stocks following last week's sharp selloff driven by concerns over coreweave's debt load and ai buildout costs.
Earnings Impact
General motors shares fell 5.3% after full year earnings forecast below analysts' expectations while 3m jumped 5.3% after expanding data center partnership with amazon.
Market Events
Space x and netflix report after tuesday's close followed by meta platforms and tesla on wednesday with elice group tumbling 30% in market debut.
The main idea
US healthcare stocks hit record highs as oil prices drop, extending market recovery after tech selloff.
