Overall, the stock market had a relatively calm day today, as investors largely were in wait-and-see mode with important employment numbers due out tomorrow. With no new news on the fiscal cliff negotiations, a rebound in tech stocks helped lead the markets higher, with the Dow Jones Industrials (^DJI 0.16%) finishing up about 40 points.
Yet, those gains would have been more impressive if it hadn't been for a few losing stocks. Travelers (TRV 1.50%) lost just half a percent but, on a point basis, it contributed the biggest drag on the Dow today due to the Dow's price-weighted formula. To put the move into context, however, you have to know that Travelers' stock jumped almost 5% yesterday, after the insurance company gave its damage estimates from Hurricane Sandy. In that light, a half-percent give-back is insubstantial, and shows that investors are still pleased about modest losses that won't endanger the company's long-term prospects.
AT&T (T 1.54%) had the biggest percentage drop, falling about three-quarters of a percent. The wireless carrier got the bad news that it will likely have even more competition in the lucrative iPhone market, as T-Mobile announced a deal with Apple (AAPL 0.87%) to offer its devices to customers. Interestingly, the move didn't hold back other telecom companies, but with AT&T having been the first company to offer iPhones, it makes sense that any change in the competitive landscape would affect it the most.
Finally, UnitedHealth Group (UNH +0.10%) lost a third of a percent today. As Fool contributor Dan Carroll noted yesterday, the newest member of the Dow was the only insurance carrier to post growth in net margins, and UnitedHealth has done a better job of attracting new members. That's likely to become increasingly important when health-care reform laws take full effect, pulling millions of new potential customers into the insurance pool.
