U.S. Stocks Advance After Trump Remarks as Biotech Shares Plunge

U.S. stocks rose as investors weighed President-elect Donald Trump’s commitment to policies on economics and foreign relations following his first press conference since the election. Biotech shares plunged after Trump said the industry needs “more competitive drug bidding.”

The S&P 500 index added 0.3 percent to 2,275.32 by 4 p.m. in New York after fluctuating throughout the day. The Dow Jones Industrial Average jumped 0.5 percent to 19,954.28. The gauge has closed the last 18 of the last 20 sessions within 1 percent of 20,000.

  • Nasdaq Biotech Index lost 3%, biggest decline since Oct. 11
  • Eight of 11 industry groups advanced; health-care biggest decliner, down 1%
  • Energy shares up 1.2% leading market with oil up 3.1%
  • Phone shares down 0.5% as financial stocks add 0.5%
  • VIX declines 2%
  • In press conference, Trump denounced the publication of uncorroborated memos alleging Russia had gathered potentially damaging information on him, and said he would remove himself from his businesses to avoid conflicts of interest while president
  • The S&P 500, which has gained about 6% since the vote and hit a record high last week, now trades at a price-to-book ratio of 2.9, the highest since 2007
  • The Stoxx Europe 600 Index added 0.2% at the close, erasing an early decline of as much as 0.3%

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