Wall Street flat as healthcare decline counters chip boost

- Wall Street’s main indexes were trading flat on Wednesday, as a Qualcomm-led rally in chipmakers was offset by a slide in healthcare stocks for the second straight session, although quarterly earnings came in largely positive.

Data showed China’s economy grew at a steady 6.4% pace in the first quarter, defying expectations for a further slowdown. This helped chipmakers, which get a huge portion of their revenue from China, rally. The Philadelphia chip index jumped 1.45%. “We are going to have to see earnings expectations continue to increase and an even more positive outcome from trade.”

United Continental Holdings Inc rose 4.2% after reporting a better-than-expected jump in quarterly profit and fueled a 1.1% rise in the Dow Jones transport index. Morgan Stanley rose 2% after its quarterly profit beat expectations, wrapping up earnings for big U.S. banks.Netflix Inc shares dipped 0.1% in volatile trading. The video streaming service provider gave a weak forecast but beat quarterly estimates.

Interesting

Imagine if healthcare was taken out completely. A total system meltdown. Millions of lost jobs and trillions of dollars taken out of the economy.

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