Stocks continued to fall back from record levels hit earlier in the week. Healthcare stocks were a bright spot. Bobbi Rebell reports.
Stocks continued to back off record levels Wednesday, though healthcare stocks were a bright spot, after a Supreme Court hearing on Obamacare. Investors betting that the Supreme Court may lean toward the Obama administration's view on the Affordable Care Act after the court heard a second major challenge to the law. The major indicies lost ground for the second day in a row. 212,000 private sector jobs were added to the economy last month, according to payroll procesing firm ADP. That missed forecasts. Economist Bob Brusca of FAO Economics: (SOUNDBITE) BOB BRUSCA, CHIEF ECONOMIST, FAO ECONOMICS (ENGLISH) SAYING: "The ADP now creates a break with that history of relatively strong numbers, and the question is one, whether ADP will be a good estimator of the Friday report, and it isn't always." On the flip side, the Federal Reserve's Beige Book - a snapshot of regional business activity - showed broad expansion across the U.S. And the services sector picked up last month, according to the latest data from the Institute for Supply Management. McDonald's is phasing out chicken raised with antibiotics hoping to improve customer's perceptions. The move is a nod to the growing concerns over antibiotic-resistant "super bugs." A rough ride for Bob Evans Farms - losing about fifth of its value saying it would not sell or spin of its food-products business as expected. Also lower, struggling teen retailer Abercrombie, after reporting its profits dropped by a third in the latest quarter. Rival American Eagle had a better day, shares rising after sales beat forecasts, and it offered upbeat guidance. In Europe, major equity markets closed higher.