Citywire for Financial Professionals
Stay connected:

View the article online at

Overnight Markets: Wall Street closes higher amid choppy session

Healthcare stocks fell after Trump said pharmaceutical companies were "getting away with murder" by charging high prices.

Overnight Markets: Wall Street closes higher amid choppy session

Wall Street closed 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 Dow Jones Industrial Average closed up 99 points, or 0.5%, to 19,954, the S&P 500 gained six points, or 0.28%, to 2,275 and the Nasdaq Composite added 12 points, or 0.21%, to 5,564.

Eight of the 11 major S&P sectors ended the day higher. Energy stocks ended 1.2% higher as crude oil prices rose.

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

The S&P's technology index ended up 0.7%, boosted most by Microsoft Corp (MSFT.O), Facebook Inc (FB.O) and Apple Inc (AAPL.O).

The biggest drag on the S&P's healthcare sector was Bristol-Meyers Squibb's (BMY.N) with a 5.3% decline, after news that Merck & Co. leapfrogged its rivals in the race to combine immunotherapy with other drugs as a treatment for lung cancer.

Johnson & Johnson (JNJ.N) fell 1.2%, while Abbvie (ABBV.N) declined 3.6%.

Elsewhere, Supervalu Inc. reported sales below forecasts, sending shares down 7.5% in early trading. Merck & Co. rose 2.9% after the drugmaker said the Food and Drug Administration would grant a priority review for one of its lung-cancer drug treatments.

Ford Motor Co. announced a special dividend and gave updates on its forecasts late Tuesday. Shares fell 1.4%.

In Asia, most stocks rose on Thursday in morning session after a pick-up on Wall Street but Tokyo tumbled after Trump’s first post-election press conference.

In Japan, the Nikkei Stock Average 225 was down 0.9%, while Australia’s ASX All Ordinaries Index added 0.15%. In South Korea, the Kospi Index added 0.19%. Singapore’s Straits Times Index added 0.32%.

In China, the Shanghai Composite Index rose 0.20%, while Hong Kong’s Hang Seng Index fell 0.14%.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


The Expert View: Barclays, Taylor Wimpey and Sky

by Michelle McGagh on Apr 27, 2018 at 05:00

Sorry, this link is not
quite ready yet