US stocks plummeted on Friday, with the Dow Jones Industrial Index falling 1.6% due to weak consumer confidence and rising long-run inflation expectations. The services purchasing managers’ index fell into contractionary territory, while January home sales contracted more than expected.
The US Department of Justice launched a civil fraud investigation into UnitedHealth Group over its Medicare billing practices. The company’s shares dropped 7% on the news.
In other market news, the Securities and Exchange Commission (SEC) announced it would drop its enforcement case against Coinbase, marking a significant shift in cryptocurrency regulation. Despite this, Coinbase’s shares declined after initially rising following the announcement.
Source: https://finance.yahoo.com/news/dow-plunged-400-points-unitedhealth-161000364.html