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Health sector losses take Wall Street lower


    NEW YORK (Reuters) - Stocks fell in volatile trade on Thursday as investors sold off shares of healthcare companies such as Merck & Co on worries that President Obama's budget proposal will strangle profits.

    * A batch of sour economic data added to the gloom, spurring investors to sell shares of big consumer companies such as McDonald's Corp and Coca-Cola Co .

    * The Obama plan to expand healthcare coverage and curb costs calls for cutting Medicare payments to private insurers, allowing consumers to buy cheaper medicines and preventing drug companies from making deals that block generic competition.

    * The Dow Jones industrial average fell 88.81 points, or 1.22 percent, to 7,182.08. The Standard & Poor's 500 Index lost 12.09 points, or 1.58 percent, to 752.81. The Nasdaq Composite Index gave up 33.96 points, or 2.38 percent, at 1,391.47.

    (Reporting by Leah Schnurr; Editing by James Dalgleish)