The DOW dropped 500 points on Friday afternoon when the investigation from the Ministry of Justice to UnitedHealth weighed on the market. Moreover, a weaker than expected sales report from American housing contributed to the pressure, with high prices and mortgage interest that contribute to the delay. According to the National Association of Realtors, the sale of earlier ownership of Huizen in January fell by 4.9% compared to the previous month, much worse than the expected decrease of 2.6%.
In the afternoon the industrial average of Dow Jones fell 496 points, or 1.1%. The technically heavy Nasdaq and S&P 500 fell 1.1% and 0.9% respectively.
Remarkable market movers on Friday were UnitedHealth, Alibaba, Celsius, Block, Dropbox and others.
UnitedHealth Group (UNH) is under fire about the Medicare invoicing practices. The Wall Street Journal reported on Friday that the US Department of Justice (DOJ) has started an investigation into civil fraud into how the company records diagnoses that lead to extra payments for its Medicare Advance plans.
UnitedHealth shares fell almost 9% after the news.
The Securities and Exchange Commission (SEC) plans to drop its enforcement case against Coinbase, which marks a significant shift in cryptocurrency regulation.
After the announcement, the shares of Coinbase (Coin) rose in the morning but fell in the afternoon. The SEC had accused Coinbase of operating a non -registered stock exchange and offering non -registered effects.
—Bruce Gil has contributed to the article.
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