Wall Street closes lower, but bounces off support

Traders work on the floor of the New York Stock ExchangeBy Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks dipped on Wednesday as technical support offset the latest batch of mixed data, which failed to lift sentiment after a string of soft economic indicators earlier in the week. U.S. data is being closely watched after a weak reading in the factory sector on Monday sent Wall Street into a tailspin and triggered a global equity selloff.

CVS becomes first big U.S. drugstore chain to drop tobacco

A CVS pharmacy is seen in New York CityCVS Caremark Corp will stop selling tobacco products at its 7,600 stores by October 1, the company said on Wednesday, making it the first national drugstore chain in the United States to take cigarettes off the shelves. Public health experts hailed the precedent-setting decision by the No. 2 U.S. drugstore as a step that could pressure other retailers to follow suit. With pharmacies taking on a larger role in the U.S. healthcare system with walk-in clinics and services such as managing health plans, many experts say they should no longer offer unhealthy products like tobacco. President Barack Obama, a former smoker, praised CVS, saying in a statement the move will help wider efforts to "reduce tobacco-related deaths, cancer, and heart disease, as well as bring down healthcare costs." CVS expects the decision to hurt profits initially, along with a $2 billion hit to annual sales.

FACT CHECK: Anti-Obamacare chorus is off key

House Budget Committee Chairman Rep. Paul Ryan, R-Wis., right, greets Congressional Budget Office (CBO) Director Douglas Elmendorf on Capitol Hill in Washington, Wednesday, Feb. 5, 2014, prior to Elmendorf testifying before the committee's hearing on the CBO budget and economic outlook. (AP Photo/J. Scott Applewhite)WASHINGTON (AP) — New estimates that President Barack Obama's health care law will encourage millions of Americans to leave the workforce or reduce their work hours have touched off an I-told-you-so chorus from Republicans, who've claimed all along that the law will kill jobs. But some aren't telling it straight.

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