UnitedHealth is contributing to the Dow's historic losing streak
The Dow Jones Industrial Average has notched nine straight days of losses, weighed down in large part by UnitedHealth Group since the killing of Brian Thompson.
The Dow Jones Industrial Average is hitting the skids, weighed down in large part by UnitedHealth Group since one of its top executives was killed.
The Dow fell 267 points Tuesday, closing 0.6% lower after nine straight days of declines — its longest losing streak since 1978. The downturn has coincided with a steep drop in the shares of UnitedHealthcare’s parent company since CEO Brian Thompson was shot and killed in New York City on Dec. 4. UnitedHealth Group’s stock has tumbled nearly 20% since then, while the index itself has slipped 3.4% over the period.
The stock prices of America’s largest health insurance providers — including Aetna owner CVS Health, Cigna and Humana — have also tumbled recently. As of Tuesday’s closing bell, the Dow had fallen 1,564 points since Dec. 4, with UnitedHealth Group accounting for 804 of those points.
UnitedHealth Group is also the worst performer in the 30-stock index this month, with losses more than double those of the second-worst performer, Goldman Sachs. Other major firms whose shares trade on the Dow, such as Nvidia, Sherwin-Williams and Travelers, have also contributed to the index’s slide.
By comparison, the S&P 500 is hovering around break-even for the month, and the Nasdaq Composite has soared by more than 4.5% in December. Both are near all-time highs.
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