Stocks rose Tuesday as technology and financial shares paced gainers, but concerns that possible changes to Medicare that could impact private insurers trimmed early session advances.
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UnitedHealth, the nation’s largest insurer, and Johnson & Johnson beat earnings and revenue targets. Johnson & Johnson also raised its operational earnings and sales guidance for the year.
However, shares of UnitedHealth fell after its CEO expressed concern that the Medicare for All bill proposed by House Democrats threatens to “destabilize the nation’s health system,” according to the Wall Street Journal.
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Profits rose by double-digits percentage points at Bank of America. in the first quarter of 2019, the firm said on Tuesday, underscored by a bustling consumer banking operation amid what its top executive called solid U.S. economic growth. However, shares fell after the bank reported that revenue in the three months through March was $23 billion, slightly less than analyst estimates.
The head of the Boston Federal Reserve said on Monday that the U.S. central bank should commit to letting inflation exceed 2 percent “in good times,” according to Reuters. Federal Reserve Bank of Chicago President Charles Evans made similar comments.
The yield on the 10-year Treasury rose modestly to 2.59 percent from 2.55 percent.
Crude oil prices were steady at $63.68 per barrel; gold prices fell 1 percent to $1,277 per ounce.
The gains by major American indexes followed increases in markets overseas, which rallied on upbeat economic data from Germany and China.
The Shanghai Composite closed up 2.39 percent, the Hang