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Health Investors Rush Back as Trump Drug Speech Fuels Rally

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White House Planning for Fundamental Shift in Drug System

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Shares of drugmakers and pharmacy benefit managers rallied after President Donald Trump’s short speech on his plans to address drug pricing lacked enough detail to alarm investors.

Health-care stocks were among the top performers Friday with the S&P 500 Health Care Index closing 1.5 percent higher. The BI North America Health Care Supply Chain Index rebounded for a third session after stocks including Express Scripts Holding Co. and CVS Health Corp. briefly turned negative when Trump said “we’re very much eliminating the middlemen" in pharmaceuticals. And the Nasdaq Biotech Index had its best day in a month, climbing 2.7 percent.