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Midday Wrap: Here's Why Johnson & Johnson Is Bucking Dow Selloff

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Dow dropped more than 300 points on Tuesday and followed that up with a 450 point and counting drop Wednesday.

All three major averages are down at least 1% each as the fallout from the disappointing manufacturing numbers that were reported Tuesday continue to take their toll.

United Health (UNH) - Get UnitedHealth Group Incorporated Report and Johnson & Johnson (JNJ) - Get Johnson & Johnson Report were the only two stocks still in the green on the blue chip index. JNJ shares were rising after the company reached a tentative $20.4 million settlement that removes it from the first federal lawsuit filed against opioid manufacturers.

While the settlement allows the company to avoid the trial, the terms of the settlement states that Johnson & Johnson does not admit to any liability.

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