US Stocks Down on Healthcare and Rate Anxiety

Wall Street’s main indexes pared early gains on Wednesday, weighed down by losses in energy and healthcare stocks

Oil prices fell more than 1 percent after data showed a surprise build in U.S. crude inventories, pushing the S&P energy index .SPNY down 0.31 percent.

Celgene’s 8 percent drop (CELG.O) was a drag on the healthcare sector after U.S. health regulators rejected the company’s application seeking approval of a multiple sclerosis drug.

At 11:04 a.m. ET, the Dow Jones Industrial Average .DJI was up 0.08 percent at 25,430.95.

The S&P 500 .SPX gained 0.13 percent to 2,747.86 and the Nasdaq Composite .IXIC rose 0.19 percent to 7,344.06.

Stocks opened higher on Wednesday after U.S. economic growth was revised slightly lower for the fourth quarter.

The U.S. Commerce Department said gross domestic product expanded at a 2.5 percent annual rate, instead of the previously reported 2.6 percent pace.

Strong economic data earlier in the month had raised fears among traders that U.S. interest rates would rise faster than previously expected, sparking Wall Street’s biggest selloff in two years.

via Reuters

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