X The stock market closed mixed Thursday after a late wave of selling erased much of the day's work.
The Nasdaq, which had been up 0.4%, closed less than 0.1% higher. The S&P 500 wiped out a modest 0.2% gain to close a fraction lower.
The Dow Jones industrial average fell less than 0.1%. Medical companies Merck (MRK), Johnson & Johnson (JNJ), Pfizer (PFE), UnitedHealth (UNH) were four of the five best Dow components.
Small caps performed better, with the Russell 2000 climbing 0.4%.
The downward reversals certainly were not encouraging, but volume was lower across the board, according to preliminary data. That suggested that institutional investors did not sell in massive quantities. Also, the negative reversals were not severe in scale.
Senate Republicans unveiled their own version of legislation to replace ObamaCare, and investors seemed to like what it could mean for the health care sector. Medical software, drug wholesalers, managed care and several other medical-sector industry groups were among the day's best performing, rising 0.7% to 2.2%.
HealthSouth (HLS) broke out of a base-on-base pattern, closing above the 47.99 buy point. Volume was below average, which dampened an otherwise bullish move. Shares rose 3%.
Hologic (HOLX) broke out of a flat base, rising past a 46.15 buy point. But it also suffered from weak volume. The relative strength line is at a new high, which backs the breakout. Two days ago, the company said it won FDA approval for its Aptima herpes treatment.
Bankrate (RATE) had better volume as it broke out of a pattern with a buy point at 12.05. Volume was about 70% above average as the stock added 1.7%.
On the downside, Taylor Morrison Home (TMHC) gapped down to a loss of 3%. In an SEC filing, the company said it priced an offering of 10 million shares, but did not specify the price. It also said in the filing that average sales per community for the two months ended May 31 was 2.9 homes per month vs. 2.2 in the same period in 2016, up 31.8%. Net sales orders for the same two months rose 24.3% and it expects home closings for the quarter ending June 30 to be about 1,800.
RELATED:
UnitedHealth, HCA, Merck Rally As Senate TrumpCare Bill Pares Near-Term Cuts
2 Key Stock Index Plays In Buy Range As Biotechs Surge Again
