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Losses were widespread across the stock market.
Some of the sharpest drops came from several health insurers after UnitedHealth Group flagged how many customers were getting knee procedures and other outpatient services done. That’s something that could raise costs for insurers, and UnitedHealth fell 7.7 per cent. Humana dropped 13.1 per cent.
Stocks of companies that make products used in hip replacements and other health procedures, meanwhile, were at the front of the market. Stryker rose 4.4 per cent, and Edwards Lifesciences gained 3.5 per cent.
Wednesday marked the first time in more than a year where the Fed has not hiked rates at a meeting, after calls for a pause climbed as high rates have already caused damage in several corners of the economy.
Hikes to interest rates take a notoriously long time to take effect, and they can do so in unanticipated ways. Already, they’ve helped lead to three high-profile failures in the U.S. banking system, a months-long contraction in the manufacturing industry and worries about a possible recession.
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But inflation is still too high for comfort. It’s hurting all kinds of households, particularly those with lower incomes.
In stock markets abroad, indexes were modestly higher in Europe and mixed across Asia. Japan’s Nikkei 225 rose 1.5 per cent, continuing a strong run where it’s already jumped more than 28 per cent this year.
AP
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