Business

US shares shrug off fall in drugs stocks

Wall Street closed Image copyright AFP

(Close): The three key US stock indexes were all up on Wednesday boosted by rising energy and tech shares.

However, pharmaceuticals companies slid following comments by President-elect Donald Trump that drugs companies were "getting away with murder".

The Dow Jones Industrial Average, was up 98.75 points at 19,954.28. The S&P 500 was up 6.42 points at 2,275.32.

The tech-heavy Nasdaq hit another record high at 5,563.65, up 11.86 3 points.

In his first formal news conference since his election last November Mr Trump said drugs companies were getting away with murder in what they charged the government for medicines.

He also said he had discussed making it easier to import cheaper drugs.

"When somebody that high profile says something that negative, people do not want to invest in it. They view the sector as uninvestible, and withdraw their money," Brad Loncar, manager of the Loncar Cancer Immunotherapy ETF.

The two biggest losers on the Dow were Pfizer, which lost 1.82% and Johnson and Johnson which shed 1.23%.

On the S&P 500 healthcare supplier Perrigo company dropped 6.9%, Mallinckrodt pharmaceuticals was down 6.16% and Bristol-Myers Squibb lost 5.3%.