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Decline in healthcare spending drives hospitals down

Bloomberg, June 27, 2014
Community Health Systems Inc. led hospital stocks lower today after health-care spending declined in the first three months of the year. Community Health fell 3.2 percent to $44.15 at the close in New York, the biggest single-day drop since May 7. The Bloomberg Industries Index of North American hospitals declined 2.1 percent. Health-care spending decreased 1.4 percent in the first quarter, according to a Bureau of Economic Analysis report on Wednesday. That's the first drop in health spending since the third quarter of 2011. Earlier estimates predicted a 10 percent increase in the sector.