Stocks Slide After Trump Attacks DrugmakersJanuary 17, 2017 |
by Caroline Humer and Rodrigo Campos
U.S. President-elect Donald Trump on Wednesday said pharmaceutical companies are “getting away with murder” in what they charge the government for medicines, and promised that would change, sending drugs stocks sharply lower.
The benchmark S&P 500 index .SPX slipped into negative territory after his remarks at a news conference spooked investors. The iShares Nasdaq Biotech ETF (IBB.O) dropped 4 percent at its session low and ended down 3 percent, its largest daily percentage drop in three months.