Closing Bell: Anthem Benefits From Medicaid Boost; FOMC Leaves Rates Unchanged

A selloff in utilities and energy pressures markets, while a positive quarter for Apple drives gains in the tech sector.

Author:: Keris Alison Lahiff
Publish date:: Feb 1, 2017 4:21 PM EST

U.S. stocks struggled for direction through the afternoon session, though ended up slightly higher on Wednesday. A selloff in utilities and energy pressured markets, while a positive quarter for Apple (AAPL) - Get Report drove gains in the tech sector. The new board of the FOMC left rates unchanged at its January meeting. The no-change decision was as economists expected. The central bank also reiterated that it would hike rates gradually and that risks to its outlook remain balanced. Anthem (ANTM) - Get Report rose after exceeding analysts' estimates in its fourth quarter on higher Medicaid membership. Medicaid members increased by 10%, while premiums rose 7.4% over the recent quarter. ADP (ADP) - Get Report fell after trimming its sales growth for fiscal 2017. The payments processor anticipates new business bookings to come in flat, down from a previous target of at least 4%.