Healthcare stocks rallied as the House passed an amended healthcare bill. But as Fred Katayama reports, a drop in crude prices kept a lid on the markets' advance.
A drop in crude prices kept a lid on stocks on Wall Street. But healthcare stocks like United Healthcare and Johnson and Johnson rallied as the House of Representatives passed an amended healthcare bill aimed at repealing Obamacare. Margie Patel of Wells Fargo Asset Management: SOUNDBITE: MARGIE PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO ASSET MANAGEMENT, (ENGLISH) SAYING: "The market was poised to need even better numbers than we've had in the earnings so far to power the market to a higher level. There are lots of companies that have reported above expectations and reported in line with improved expectations, raised their outlooks, and in many of those cases, the stocks went down." 15:01:40 Viacom shares fell. Quarterly profit sank 60 percent but crushed analysts estimates. Shares were pressured because Charter Communications re-tiered some of Viacom's flagship networks to its priciest tier. That move will likely lower its affiliate revenue. Tesla shares slid. The electric car maker's revenue more than doubled. But Tesla lost more money than expected. Facebook shares fell. Investors got spooked by the social network's outlook for ad growth and expenses. In economics news, the number of Americans applying for jobless benefits fell sharply last week. In March, capital goods orders rose for a fourth straight month, and the U.S. trade gap dipped. But worker productivity fell in the first quarter to its weakest rate in a year. In Europe strong earnings and economic data lifted the markets to further highs.