Dow Jones Set New Record High Regardless of Slump In Health-care Shares

U.S. stocks shook off early weakness in the health-care sector on Wednesday to rise to all-time highs. The benchmark Dow Jones Industrial Average jumped nearly 2% to reach an all-time trading high of 19,475.51, on track for its third consecutive record close.

Health-care shares plunged early Wednesday after President-elect Donald Trump threatened to cut drug prices. The president-elect, who had already been critical of drug prices while on the campaign trail, told Time in his “Person of the Year” cover story that “I’m going to bring down drug prices,” because ““I don’t like what has happened with drug prices.”

Shares of Johnson & Johnson lost -1.46% while those of Pfizer Inc. and Merck & Co. Inc. were down 1.92% and 1.10%, respectively.

The drop in health-care names was offset by gains in American Express Co., Home Depot Inc. and United Technologies Corp. which rallied more or less than 2% each.

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