After rallying more than 1% in anticipation of a GOP upset victory in the Massachusetts special senatorial election Tuesday, stocks are giving back those gains and more Wednesday morning.
The Dow Jones Industrial Average is off 166 points, or 1.6%, at 10,558, led lower by IBM (IBM), off more than 3% despite better-than-expected fourth-quarter earnings. But Big Blue’s 2010 forecasts lagged some investors’ expectations.
The health-care sector, which led the market’s advance in anticipation of GOP challenger Scott Brown’s upset victory in the Massachusetts special election to fill the late Ted Kennedy’s seat, also are surrendering some of those gains. The Select Sector SPDR Health-Care exchange-traded fund (XLV) is off more than 1% after having surged 2.4% Tuesday.
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