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Stock Market Roundup Dec. 7: Stocks Gain Despite Biotech Sell-Off

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The major indexes were up across the board on Wednesday, despite a massive sell-off in the biotechnology sector initiated by a new promise from President-elect Trump that he will be targeting drug price hikes. Japan’s SoftBank SFTBY and Sprint S were also up on some Trump-based news, while iPhone maker Apple AAPL) reported some good news.

Zacks Rank #1 (Strong Buy) Biggest Movers

Value: Valeo SA VLEEY +4.95%

Growth: Bob Evans Farms BOBE +6.97%

Momentum: BOBE


Income: Western Digital Corp. (WDC - Free Report) +7.92%

Major Indexes

DOW: 19,549.62 / 297.84 / 1.55%

NASDAQ: 5,393.76 / 60.76 / 1.14%

S&P 500: 2,241.35 / 29.12 / 1.32%

Top Headlines

Apple Music Achieves 20 Million Paying Subscribers

Apple’s SVP of Internet Software and Products Eddy Cue told Billboard that the company’s highly successful music streaming platform Apple Music has hit 20 million paying subscribers.

Trump Vows to Slash Drug Prices, Sends Biotech Stocks Lower

Shares of the iShares Nasdaq Biotechnology ETF IBB were down more than 3.6% in morning trading Wednesday following a new warning from President-elect Donald Trump that he will indeed be targeting high drug prices.

SoftBank and Sprint Soaring on Trump-backed Investment Plan

Shares of Japanese telecom giant SoftBank gained more than 5% in morning trading Wednesday after CEO Masayoshi Son promised to invest $50 billion in the United States and create 50,000 new jobs. Shares of Sprint, which is 82%-owned by SoftBank, were also up big by midday.

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