Wall Street rises as investors rotate into healthcare and value stocks
SPY•The Dow rose 1%, the S&P 500 gained 0.4% and the Nasdaq added 0.2% as investors shifted toward healthcare and value stocks. Healthcare gained 2.3%, while the Russell 2000 rose 1.7%.
1. Healthcare leads gains
The Dow led Wall Street higher as investors favored value stocks, including healthcare, while technology shares barely advanced after rebounding the previous day. Healthcare rose 2.3% to lead the S&P 500’s major sectors, with Eli Lilly up almost 4% and Moderna gaining more than 5%.
2. Indexes and sector moves
At 2:08 p.m. ET, the Dow was up 1% at 52,485.50, the S&P 500 gained 0.4% to 7,721.44 and the Nasdaq rose 0.2% to 26,482.94. The Russell 2000 added 1.7%. Real estate and utilities each gained more than 1%, while the S&P 500 value index rose 0.8% and its growth counterpart edged down 0.02%.
3. Company shares diverge
General Motors fell more than 8% after signaling higher commodity costs and lower truck sales could pressure results in coming months. 3M gained 5.9% after expanding its data-center partnership with Amazon and raising its full-year profit forecast; it also issued an Amazon subsidiary a warrant to buy 3M stock worth more than $521 million. Equifax rose more than 10% after reporting third-quarter profit above analysts’ estimates, and Hasbro gained 10% after raising its full-year revenue and digital gaming forecasts.
