Investors

With Trump vowing to repeal the Affordable Care Act and Clinton promising to build on it, health insurance stocks could swing if the debate produces a clear winner, Convergex market strategist Nicholas Colas wrote in a note on Friday.

Health insurers have been big winners since President Barack Obama signed his healthcare overhaul in 2010. UnitedHealth Group has jumped 325 per cent, Aetna is 234 per cent higher and Cigna has risen 257 per cent. During the same time, the S&P 500 rose 85 per cent.

Wall Street pulled back on Friday as lower oil prices weighed on energy shares and tech giants Facebook and Apple declined, although major indexes were still on pace to end the week higher.

Energy was the worst-performing major S&P sector, dropping 1.4 per cent. Oil prices tumbled about 4 per cent on signs Saudi Arabia and Iran were making little progress in achieving agreement ahead of talks by crude exporters aimed at freezing production.

Facebook shares fell 1.7 per cent and were one of the biggest drags on the S&P. The Wall Street Journal reported that the social media company overestimated viewing time for video ads.

Even so, the S&P 500 was set for its best weekly performance in more than two months. Stocks were given a boost on Wednesday when the US Federal Reserve decided to keep interest rates steady, leaving intact the low rate environment that has helped fuel the bull market.

“I just think after a few strong days and a little weakness in energy that folks are taking some profit before the weekend...,” said Gary Bradshaw, portfolio manager with Hodges Capital Management in Dallas. “I just feel like the market is going to keep grinding higher.”

The Dow Jones industrial average fell 105.88 points, or 0.58 per cent, to 18,286.58, the S&P 500 lost 10.16 points, or 0.47 per cent, to 2,167.02 and the Nasdaq Composite dropped 26.62 points, or 0.5 per cent, to 5,312.90.

For the year, the benchmark S&P 500 is up 6 per cent. With the highly anticipated Fed decision now past, investors are turning towards the upcoming corporate earnings season and US presidential election, with the first debate on Monday.

Eight of 11 major S&P sectors were lower. The tech sector fell 0.9 per cent, with Apple shares down 1.5 per cent.

Twitter shares surged 20 per cent amid reports that the microblogging company was exploring selling itself.

Endo International shares jumped 15 per cent, the biggest percentage gainer on the S&P, after the drugmaker announced a new chief executive. Declining issues outnumbered advancing ones on the NYSE by a 1.98-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favoured decliners.

The S&P 500 posted 7 new 52-week highs and no new lows; the Nasdaq Composite recorded 77 new highs and 11 new lows.