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Stocks retreat from record highs

Tuesday, August 09, 2016 - 01:19

The S&P 500 touched another record high, but a drop in healthcare stocks offset the impact of higher oil prices to drag the index lower. Fred Katayama reports.

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Healthcare stocks dragged Wall Street lower Monday. The S&P 500 touched another record high driven higher by oil prices but couldn't maintain the gains. Bristol Myers and Allergan among the biggest drags on that index. Art Hogan of Wunderlich Securities: SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES, (ENGLISH) SAYING: "I think we're taking a little pause here to catch our breath. We've hd a pretty nice run over the last couple of weeks. We're certainly significantly higher than we were in the February lows, some 20 percent higher, and some 10 percent higher than we were on the lows after the U.K. referendum." 14:44:51 Delta flights resumed Monday six hours after the carrier suffered a power outage that grounded its planes worldwide. Delta canceled around 300 flights. Botox maker Allergan's shares dropping. Quarterly revenue barely rose because of weak sales of its Alzheimer's drug, Namenda IR, after its patent expired. Allergan also cut its forecast for the full year. Wal-Mart beefing up its online business. It's buying the startup that's trying to take on Amazon.com, Jet.com for $3.3 billion. At a speech in Detroit, Republican presidential candidate Donald Trump proposed cutting the number of tax brackets and the top tax rate to 33 percent. His Democratic rival, Hillary Clinton, said his plan would give tax breaks to the rich and big companies. In Europe, a rally in financial shares pushed the major indexes modestly higher.

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Stocks retreat from record highs

Tuesday, August 09, 2016 - 01:19