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The Stock Market Slid Today: Why the Dow Shed 116 Points

John Divine
June 11, 2013

"So much for business fundamentals driving stock market returns! What an old fashioned, primitive concept! Today it's all about central banks: if they ain't printing, they ain't helping!" Such is my simplistic personification of Wall Street's message to investors, as equities slumped Tuesday. Upon hearing that the Bank of Japan wouldn't print any more than the more than $700 billion equivalent it already pledged to print, stock markets tumbled today, and the Dow Jones Industrial Average (INDEX: ^DJI) sank 116 points, or 0.8%, to close at 15,122.

UnitedHealth Group (NYSE: UNH) added 0.4%, ending as the Dow's best performer for a second straight day. The prominent health insurer was given an increased $79 price target yesterday by one research firm, and the stock carried its momentum forward from there. It finished as one of just three blue chips to advance Tuesday. The stock also goes ex-dividend tomorrow, which means shareholders on record as of Wednesday's close will receive the company's next quarterly dividend.

Pharmaceutical giant Pfizer (NYSE: PFE)