In a volatile Monday session, the U.S. stock market dipped as declines in health and energy stocks overshadowed gains made in the financial sector.
The S&P 500 Index is down 0.36 points, or 0.03 percent, to trade at 1,108.81 at 12:51 pm. The Dow Jones Industrial Average is down 6.04 points, or 0.06 percent, to trade at 10,396.31.
Pharmaceuticals are generally down. Merck (NYSE:MRK) lost 1.44 percent and the American Depository Receipts (ADRs) of GlaxoSmithKline (NYSE:GSK) fell 2.27 percent as the firm faced troubles over Advair, its asthma treatment drug.
At 10:00 am, the White House unveiled its new health care reform proposals. The S&P 500, and especially health care stocks, fluctuated with increased volatility between gain and loss after the announcement of the proposal as investors dissected the statements.
Obama, who is seeking bipartisan support for his reform efforts, will engage Republicans in discussion on a televised healthcare summit on Thursday.
Oil stocks are also down as NYMEX crude oil futures halted their rally on Monday. The oil sector was lower as Schlumberger (NYSE:SLB) fell 4.76 percent. Some investors believe that the firm merged with Smith International (NYSE:SII) under unfavorable terms.
Halliburton (NYSE:HAL) is down 2.04 percent and Chevron (NYSE:CVX) is down 1.11 percent.
Financials performed well on Monday as investors shook off concerns of global tightening. In particular, troubles in peripheral nations will complicate and slow the European Central Bank's liquidity exit plans.
The ADRs of Barclays (NYSE:BCS) are up 2.22 percent and those of Credit Suisse (NYSE:CS) are up 2.17 percent. The ADRs of National Bank of Greece (NYSE:NBG) jumped 5.93 percent.
Bank of America (NYSE:BAC) is up 1.89 percent and Wells Fargo (NYSE:WFC) is up 1.83 percent.
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