Gains for tech boost markets

Health insurers, hospital operators fall after president says he will stop ACA subsidies

U.S. stocks finished mostly higher Friday to wrap up a subdued week, and technology companies did most of the heavy lifting. Investors were also pleased to see that shoppers spent more money in September.

Printer and PC maker HP sent technology companies higher after releasing a strong profit forecast for next year. Big names like Intel and Facebook also rose. Companies in retail, travel and entertainment moved up after the Commerce Department’s report on retail spending. Health insurers and hospital operators skidded after President Donald Trump said he will stop government payments to insurance companies under the Affordable Care Act.

Bank of America climbed while Wells Fargo faded as banks continued to report their third-quarter results. But in the early going, investors don’t seem as excited about this round of company earnings compared to earlier in the year. Sean Lynch, the co-head of global equity strategy for Wells Fargo Investment Institute, said that unless this batch of corporate reports is surprisingly good, stocks won’t rise much further.

“If we come in at expectations or slightly above, I think markets maintain these gains,” he said.

The Standard & Poor’s 500 index added 2.24 points, or 0.1 percent, to 2,553.17. The Dow Jones industrial average picked up 30.71 points, or 0.1 percent, to 22,871.72. The Nasdaq composite gained 14.29 points, or 0.2 percent, to close at a record high of 6,605.80. The Russell 2000 index of smaller-company stocks slid 2.51 points, or 0.2 percent, to 1,502.66.

The White House said late Thursday that it is stopping subsidy payments to insurers under the 2010 health care law. The move could increase losses for insurers and reduce payments to hospitals and other health care facilities. Medicaid program administrator Centene lost $3.12, or 3.2 percent, to $90.56 and insurer Anthem gave up $5.81, or 3.1 percent, to $184.38. Hospital operator Tenet dropped 71 cents, or 5.1 percent, to $13.15 and ambulatory surgery center operator Envision Healthcare fell 91 cents, or 2.2 percent, to $40.74.

Benchmark U.S. crude oil picked up 85 cents, or 1.7 percent, to $51.45 a barrel in New York. Brent crude, used to price international oils, gained 92 cents, or 1.6 percent, to $57.17 a barrel in London.