Stocks Slide as Humana Surges on Lower Medicare Rates
Elsewhere in the market Hess (HES) shares popped 2.7% to $73.54 after the energy company announced it had agreed to sell its Russian subsidiary, Samara-Nafta, to OAO Lukoil for $2.05 billion.
Analog Devices (ADI) shares slipped 2.3% to $45.41 after the company announced CEO Jerald Fishman, 67, died of an apparent heart attack on Thursday. The chipmaker announced that it had appointed President Vincent Roche as interim chief.
The S&P on Thursday reached an all-time high, trumping its former record reached on Oct. 9, 2007. Investors shrugged-off concerns that Cyprus's financial problems would exacerbate Europe's wider banking debt crisis. The new high for the U.S. benchmark came five years after a mortgage-backed security crisis sent the world's largest economy into its worst recession in more than 70 years. Markets were closed on Friday in observance of Good Friday.Asian markets closed lower overnight as Chinese manufacturing PMI printed slightly below economists' expectations, but still maintained a trajectory of growth. Japan's Nikkei average closed down by 2.12% overnight at 12,135. Hong Kong's Hang Seng slid 0.74% to 22,300. European markets on Monday are closed in observance of Easter. Futures for May crude oil contracts at the New York Mercantile Exchange lost 16 cents to settle at $97.07 a barrel. The benchmark 10-year Treasury was increasing 5/32, diluting the yield to 1.838%. The dollar was sinking 0.33%, according to the
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