Hospital operators face a buyer’s market for acquisitions as weaker companies struggle with higher costs and a decades-long drop in admissions, the chief executive officer of Tenet Healthcare Corp. said.
Treasuries fell as service-industry growth fueled speculation the Federal Reserve will taper stimulus earlier than expected, while oil slid on forecasts for growth in inventories. U.S. shares dropped and European stocks retreated as the growth outlook for the euro region was trimmed.
U.S. stocks declined, following two days of gains that sent the Standard & Poor’s 500 Index to within five points of a record high, as investors awaited this week’s data on economic growth and employment.
Tenet Healthcare Corp., the operator of 77 hospitals and 176 outpatient centers, sank the most in almost two years after its fourth-quarter forecast was less than analysts’ estimates because of slow patient admissions.
U.S. stocks fell, after the Standard & Poor’s 500 Index rose the most in almost two weeks yesterday, as investors watched for progress on ending an impasse over federal spending that shut down the government a second day.