UnitedHealth Just Had Its Worst Day This Century

Most US stocks rose on Thursday, but the worst drop for UnitedHealth Group in more than quarter of a century kept Wall Street in check.

• The S&P 500 rose 7 points, or 0.1%, to 5,282.70. Three-quarters of the stocks within the index climbed.
• The Dow Jones Industrial Average fell 527.16 points, or 1.3%, to 39,142.23.
• The Nasdaq composite fell 20.71 points, or 0.1%, to 16,286.45.

The Dow's drop was almost entirely because UnitedHealth Group plunged 22.4% to its worst loss since 1998 after a weaker-than-expected profit report, the AP reports. UnitedHealth slashed its forecast for financial results this year. It was surprised by how much care its Medicare Advantage customers were getting from doctors and outpatient services, which was above the company's expectations.

Nvidia also weighed on the market after sinking a second straight day following its disclosure that new export limits on chips to China could hurt its first-quarter results by $5.5 billion. It sank 2.9%. Helping to lead the way higher on Wall Street was Eli Lilly, which jumped 14.3% after the drugmaker reported encouraging results for a once-daily pill that could help treat people with obesity and diabetes. Stocks of oil producers also lifted the market after the price of crude rose to recover some of its sharp losses taken this month. Exxon Mobil added 2.6%, and ConocoPhillips climbed 3%.

Technology stocks held firmer after global heavyweight Taiwan Semiconductor Manufacturing Co. reported a profit for the latest quarter that matched analysts' expectations. Perhaps more importantly, it also said it hasn't seen a drop-off in activity from its customers because of President Trump's trade war, as some other companies have suggested.

• Reports came in mixed Thursday morning on the US economy. One said fewer US workers applied for unemployment benefits last week than economists expected. That's the latest signal that the job market remains relatively solid. But a second report said manufacturing in the mid-Atlantic region unexpectedly flipped to contraction from growth.

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