Wall Street rises with healthcare rally after Donald Trump's speech
The S&P 500 rose on Friday, helped by healthcare stocks after President Donald Trump blasted high drug prices but avoided taking aggressive measures to cut them.
Johnson & Johnson and Pfizer each rose over 1 percent while Merck & Co jumped 2.8 percent after Trump in a speech said foreign governments “extort” unreasonably low prices from US drugmakers. His healthcare deputies released a series of proposals to address high drug costs.
“They’ve walked the tightrope between cost savings for the American people and maximizing profits for publicly traded healthcare stocks.
The S&P healthcare index ended 1.47 percent higher while the Nasdaq Biotechnology index rallied 2.68 percent.
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