Healthcare Sector Fueling Wall Street Gains Amid Uncertainty
Wall Street's main indexes rose, driven by the healthcare sector, even as weak private payrolls data and a looming government shutdown persisted. A deal between Pfizer and the Trump administration to lower drug prices spurred the sector's rally. Most indexes edged higher despite uncertainties.
Wall Street's key indexes climbed on Wednesday, buoyed primarily by the healthcare sector, despite soft private payrolls and impending government shutdown concerns. Investors closely watched the ADP report, which showed private payrolls fell by 32,000, contrary to expected growth.
The S&P 500 saw the healthcare sector emerge as the biggest gainer, catalyzed by Pfizer's new agreement with President Trump to lower prescription drug prices. This move triggered expectations for similar deals from other pharmaceutical companies. Investors seemed undeterred by ongoing uncertainties.
Additionally, a rally in AES shares lifted the S&P 500 utilities sector, while stocks like Lithium Americas Corp surged after government investments. Historically, markets have shown resilience during shutdowns, and recent trends suggest this might hold true again.
(With inputs from agencies.)
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