Healthcare stocks dragged Wall Street lower. As Fred Katayama reports, President Trump's budget cuts soured investors on the prospects for healthcare stocks.
Healthcare stocks dragged Wall Street mostly lower, offsetting a rally by financial and tech shares. Hurting healthcare: President Donald Trump's budget seeking federal funding cuts for medical research and signaling higher regualtory costs. Cuttone & Company's Keith Bliss: SOUNDBITE: KEITH BLISS, SENIOR VICE PRESIDENT, CUTTONE & CO., (ENGLISH) SPEAKING: "The market has fallen back into a pretty. you know, serene pattern if you will, where investors are really looking for that next catalyst, that next leg up or down. We lookat our own technical work and our own quantitative work, and we don't see anything that's really going to push the markets in too great a way up or down at this point." Among the day's biggest decliners: Biogen. Morgan Stanley and Leerink downgraded the biotech firm. McDonald's shares up even though the restaurant chain said its Twitter account had been compromised. The company deleted a tweet posted from its official account slamming President Donald Trump. It said it has secured the account and is investigating it. Tesla rose. The electric carmaker said it'll raise more than $1 billion as it ramps up the launch of its Model 3 sedan. More signs of a strengthening economy: Homebuilding jumped to a near 9-1/2 year high in February. And the number of Americans filing for jobless benefits dropped last week. In Europe, Dutch Prime Minister Mark Rutte's election win and a rally by energy and materials stocks lifted shares to their highest level in 15 months.