The US stock market closed on a mixed note Thursday as investors wrapped up a shortened week ahead of the Good Friday holiday. The S&P 500 rose 7 points to close at 5,282, while the Nasdaq fell 20 points to close at 16,286. Meanwhile, the Dow Jones Industrial Average plummeted 527 points to close at 39,142.
The Dow’s decline was largely driven by a sharp fall in UnitedHealth Group, the largest component of the index. The stock dropped 22% mid-afternoon after missing earnings estimates, triggering a historic divergence from the S&P 500.
President Trump continued his feud with Federal Reserve Chairman Jerome Powell, criticizing him on social media for what he sees as too slow and ineffective monetary policy. In contrast, investors were more positive about Netflix, which rose 1.5% ahead of its Q2 earnings report. Hertz shares also gained ground after Bill Ackman’s Pershing Square Capital Management took a stake in the company.
In other news, Eli Lilly surged 16% on promising data for its oral diabetes and weight loss medication. The pharmaceutical giant’s stock rose following a presentation at an investment conference. FIS, meanwhile, soared nearly 10% on the sale of WorldPay to Global Payments in a complex deal worth $24 billion. Stephanie Ferris, considered the most powerful woman in fintech, was hailed as a master dealmaker by analysts.
Source: https://fortune.com/article/stock-market-today-fis-unitedhealth-netflix-eli-lilly-stock