U.S Stocks Snap Gains. Healthcare Sector Leads Losses – Going Short Seems Like A Good Trade
U.S stocks dropped sharply on Thursday after two straight days of gains. The Dow Jones industrial average fell 0.83% to 18,187.83, with losers outnumbers gainers.
Pharmaceuticals major Merck led decliners today, down more than 2% so far. Merck, Mylan and other drug companies are facing scrutiny over increases in product prices.
A group of senators asked the Department of Justice to investigate the case of the drugmaker Mylan. The company is suspected of having broken the law when it classified its emergency allergy shot EpiPen as a generic drug, which allowed Mylan to make lower rebate payments to states.
Meanwhile, Caterpillar, the heavy equipment provider and supplier that also provides equipment for the oil industry, topped risers today, after oil prices surged following the deal between Oil producing countries overnight.
Sell Stop at 18180.00, Take profit at 18130.00, Stop loss at 18215.00