Healthcare stocks boost S&P and Dow
The S&P 500 and Dow Jones indices experienced significant declines due to sharp losses in the healthcare sector following the failure of a pharmaceutical trial by Novartis. Novartis's stock dropped by 13%, while Amgen's fell by 9.17%. The results were disappointing, as the experimental drug Pelayacarsin failed to meet its goal of reducing cardiovascular event risks, raising concerns among investors about similar treatments in development. Meanwhile, the market is facing additional pressures from rising oil prices, potential inflation, and high interest rates. These losses represent one of the largest market downturns of the year.
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