The major averages closed mixed with the S&P 500 rising to a new all-time thanks to gains in the tech space while healthcare took it on the chin following a proposal from the Trump Administration to keep healthcare costs down this year. The Dow Jones Industrial Average fell 408 points to 49,003 due in part to a 20% drop in UnitedHealth. The S&P 500 rose 28 points while the Nasdaq rose 215 points or 0.9%.

The rally was led by big cap techs and the chip space. Amazon, Microsoft, Broadcom, Micron and Intel were all up over 2% today. Not to be outdone, a number of chip equipment stocks were higher by 4% or more.

Interest rates were quiet ahead of a Fed meeting tomorrow. The 10-year Treasury yield inched higher up 2 basis points to 4.23%, while the 2-year Treasury note yield moved more than 2 basis points to 3.571%. The 30-year Treasury yield rose more than 3 basis points to 4.84%. Most of the financials were lower today.

The healthcare space was the weakest sector with the HMOs down 10% or more led by UnitedHealth Group. The Trump Administration would like to see Medicare Advantage rates roughly flat this year which could hurt profits for the industry.

In the commodity space, oil was up 3% after the winter storm hit US output. The freezing temperatures has caused natural gas prices to surge the last week. Gold remains above $5,100. Silver took a hit today while crypto currencies were modestly higher.

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