The Nasdaq rose to hit another record. But as Fred Katayama reports, falling healthcare stocks capped the advance by the Dow and S&P 500.
Tech stocks helped fuel the Nasdaq to a record closing high on superstitious Friday the 13th. But falling healthcare stocks kept a lid on the advance by the Dow and S&P 500. All three indexes mae gains on the week. Kevin Kelly of Kelly & Company. SOUNDBITE: KEVIN KELLY, MANAGING PARTNER, KELLY & CO., (ENGLISH) SAYING: "You're seeing actually technology take the leadership back from the banks. There was really no catalyst in the bank earnings yesterday. We saw two of the largest majors, Citigroup and JPMorgan today. We got Bank of America as well as Wells Fargo." Netflix shares rising to a record high. Several brokerages lifted their price target before the video streaming company reports on Monday. Health insurers and hospital operators like Anthem and Tenet Healthcare fell. President Donald Trump's executive order scraps billions of dollars in Obamacare subsidies to private insurers for low-income Americans. Mixed earnings results from the big banks. Bank of America shares rose after the lender's profit rose and topped estimates. Higher interest rates and lower costs lifted earnings. But Wells Fargo shares tumbled. Its revenue fell and missed targets for the fourth straight quarter. Mixed news on inflation. Consumer prices rose by the most in eight months, but core inflation barely increased. In Europe, Germany's DAX hit a record high, but Britain's FTSE slipped following Thursday's record close.