headlines

Nasdaq Posts Record Closing High Despite Drug-Stock Weakness

The following excerpt is from an article that originally appeared on Newsmax

U.S. stocks ended higher after a choppy day on Wednesday as energy and technology gains countered a drop in healthcare stocks after President-elect Donald Trump said pharmaceutical companies were “getting away with murder” by charging high prices.

The Nasdaq ended the day with another record closing high after falling as much as 0.5 percent after Trump’s first formal news conference since the Nov. 8 election.

The S&P 500 healthcare index ended the session down 1 percent after falling as much as 1.9 percent earlier in the day and the Nasdaq biotechnology index .NBI sank 2.96 percent, ending a six-day winning streak for both indexes.

“When somebody that high profile says something that negative, people do not want to invest in it. They view the sector as uninvestible, and withdraw their money,” Brad Loncar, manager of the Loncar Cancer Immunotherapy ETF.

However, the sector’s pain eased as the session wore on…

Click here to Read this Entire Story on Newsmax


This post was originally published on this site
Comments are closed.