Stocks edged lower Thursday. Healthcare stocks offset gains in technology stocks, and the splashy debuts of Square and Match. Bobbi Rebell reports.
Stocks had a hard time trying to extend Wednesday's big rally. Healthcare stocks weighed on the indices after UnitedHealthcare warned it may have to exit coverage offered through Obamacare. Positive economic data on jobless benefits and manufacturing in the mid-Atlantic region couldn't catapult investor sentiment. Strategist Brian Jacobsen of Wells Fargo Funds Management.: SOUNDBITE: BRIAN JACOBSEN, CHIEF PORTFOLIO STRATEGIST, WELLS FARGO FUNDS MANAGEMENT (ENGLISH) SAYING: "Stocks have been on a tear lately, and, I think, we're just taking a little break here. Maybe the Santa Claus rally came a little early this year." Splashy debuts for two tech stocks. Shares of Square, the mobile payments company, rose as much as 64 percent on its first day. Dating company Match's shares gained as much as 13 percent. Best Buy got zapped. The U.S.' largest electronics retailer issued a weak outlook, blaming slow consumer demand. Stocks of Allergan and Pfizer fell. CNBC reports that the drugmakers are in the final stages of merger talks. In Europe, a rally in utilities and gas and oil stocks drove shares higher.