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.
