Healthcare Stocks Lead Gains Amid Economic Uncertainties
Wall Street saw a rise in its main stock indexes, largely supported by the healthcare sector despite weak private payrolls data and looming concerns over a federal government shutdown. The healthcare sector, spurred by a deal involving Pfizer, marked significant gains, with other sectors showing mixed performance.
Stocks on Wall Street rose on Wednesday, bolstered by a robust performance from the healthcare sector, even as concerns lingered over weaker-than-anticipated private payroll figures and the uncertainty of a federal government shutdown's impact.
The Labor Department's anticipated jobs report might be delayed if the government hasn't reopened by Friday, shifting investor focus to the ADP National Employment report, which revealed a decline in private payrolls by 32,000. This was a downturn from earlier economist forecasts and August's figures.
In a recovering manufacturing landscape, healthcare stocks, notably spurred by Pfizer's recent agreement to reduce Medicaid drug prices for tariff relief, soared nearly 3% within the S&P 500. Equity investors seemed unperturbed by shutdown fears, recalling market resilience during previous shutdowns, as noted by Deutsche Bank.
(With inputs from agencies.)
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