Health Stocks Boost Wall Street; Energy a Drag

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US stocks edged higher on Tuesday as an upbeat outlook from UnitedHealth lifted health insurers, though a sharp drop in oil prices weighed on energy shares and limited the advance. The day's small gains followed a decline in the market on Monday. Analysts said the post-US election rally may be losing momentum, wit the S&P 500 now up roughly 8 percent for the year to date. 

Wall Street has risen sharply following Donald Trump's White House win, helped in part by investor expectations that his plans to increase infrastructure spending, cut corporate taxes and reduce regulation will boost the economy. "The Trump rally seems to have stalled out to some extent, and I think it's stalled because we're starting to run into valuation concerns," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York. 

"He's given some extra life to the recovery and the bull market, but not a lot." The forward price-to-earnings ratio for the S&P 500 is at 17.2 versus its long-term average PE ratio of about 15, Thomson Reuters data shows.

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