The Dow plunges 500 points as UnitedHealth drags stocks lower

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The Dow plunges 500 points as UnitedHealth drags stocks lower

Photo: Spencer Platt (Getty Images)

The Dow dropped 500 points on Friday afternoon as the

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. Additionally, a weaker-than-expected U.S. housing sales report added to the pressure, with high prices and mortgage rates contributing to the slowdown. According to the

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sales of previously owned homes fell 4.9% in January compared to the previous month, much worse than the anticipated 2.6% decline.

In the afternoon, the Dow Jones Industrial Average slid 496 points, or 1.1%. The tech-heavy Nasdaq and S&P 500 dropped 1.1% and 0.9%, respectively.

Notable market movers on Friday included

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UnitedHealth Group (

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) is

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Friday that the U.S. Department of Justice (DOJ) has launched a civil fraud investigation into how the company records diagnoses that lead to extra payments for its Medicare Advantage plans.

UnitedHealth stock fell almost 9% following the news.

The Securities and Exchange Commission (SEC) plans to

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, marking a significant shift in cryptocurrency regulation.

Following the announcement, Coinbase’s (

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) shares rose in the morning but declined in the afternoon. The SEC

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of operating an unregistered securities exchange and offering unregistered securities.

—Bruce Gil contributed to the article.

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#Dow #plunges #points #UnitedHealth #drags #stocks

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