First time applications for unemployment benefits fell more than expected last week but the markets traded lower during the midday with the Dow tumbling 80 points to 17,925 as crude oil prices retreated. Nasdaq dropped 25 points to 4,949.
On the upside
Rumors circulated AmSurg engaged in conversations with Envision Healthcare (NYSE: EVHC) for a potential merger.
J.M. Smucker (NYSE: SJM) reversed year ago losses to post a stronger than expected profit for the fourth quarter.
Sarepta Therapeutics (Nasdaq: SRPT) will raise approximately $37.5 million through the sale of its common stock.
On the downside
Investors continued to lock in profits on Immunomedics (Nasdaq: IMMU).
Profit taking weighed down shares of Vale (NYSE: VALE).
Agios Pharmaceuticals (Nasdaq: AGIO) reported initial data from a Phase 1 clinical trial of AG-519.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 fell 9 points to 2,109. Bitcoin fell $5 to $569.
