Stock Market Today: Dow Dives 411 Points as UnitedHealth Slumps

The main indexes pulled back Wednesday with health insurer UnitedHealth creating the biggest drag on the blue chip Dow.

closeup of ticker board with all stocks listed trading in negative territory
(Image credit: Getty Images)

Stocks closed lower Wednesday as market participants took profits following a red-hot run higher. Indeed, the three main indexes are hovering near record highs and are poised to close out May with solid gains.  

At the close, the Nasdaq Composite was down 0.6% at 16,920 and the S&P 500 was off 0.7% at 5,266. The Dow Jones Industrial Average fell 1.1% to 38,441 as UnitedHealth Group (UNH) slumped 3.8% after the health insurer forecast "some disturbance" in its Medicaid business. At roughly $484, UNH stock has the greatest weighting of all 30 stocks in the price-weighted Dow.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.