Wall Street showed strong gains on Friday with the S&P healthcare index rising 1.47 percent after President Trump accused drug companies of high prices for drugs.
Biotechnology index on the Nasdaq gained 2.68 percent while drug companies Johnson & Johnson and Pfizer each showed gains of over 1 percent. Leading the gains was Merck & Co who saw a 2.8 percent rise in their stocks.
President Trump said in his speech that unreasonably low prices were extorted from foreign governments from U.S. drug makers. Addressing the remarks healthcare deputies say that they have come up with a variety of proposals to combat the high costs of drugs.
CEO of Longbow Asset Management in Oklahoma, Jake Dollarhide said that the drug companies have been doing a balance act whilst trying to make cost savings for the people in America and making profits for their traded stocks.
After streaks of gains over the past few weeks, the tech sector weighed on the Nasdaq falling 0.32 percent. Apple Inc. slipped 0.38 percent after its shares soared for nine straight days giving it a market capitalization of near to $1 trillion.
Tech Sector Giving Back
Chief market strategist at Sun Trust Advisory Services in Atlanta, Keith Lerner said that following the strong gains, the tech sector is giving back and is in a holding pattern heading into the week-end.
Nvidia who has generated chip sales of $289 million in the first quarter to the cryptocurrency market expects their sales from graphic chips in cryptocurrency miners will decrease by over two thirds during the 2nd quarter. Nvidia fell 2.15 percent weighing on the tech sector.
The Dow Jones Industrial average gained 0.37 percent to 24,831.17 points, gaining 2.3 percent for the week.
The S&P 500 rose 0.17 percent to 2,727.72, adding 2.4 percent for the week.
The Nasdaq Composite fell 0.03 percent to 7,402.88, for the week it gained 2.7 percent.
Consider how you can actually use this with the right choice of forex and CFD’s broker such as Pepperstone.
Let me explain…………..
CFD’s trading (or contract with a difference) gives you so many more options like trading globally after hours. If you are sitting in Australia and want to trade European markets there is no problem, access to global markets means you can trade 24 hours a day.
You can go ahead and place your trade after news like today where the Nasdaq gained 2.68 and trade drug companies like Johnson & Johnson and Pfizer each showing gains of over 1 percent.
The best part is…………
Pepperstone forex & CFD’s broker has your back covered, plus they offer trading and customer support 24 hours a day.
Here’s the deal……………
CFD trading has so many benefits for you the trader, if you aren’t familiar with CFD trading let me explain, it is an agreement between you the trader and the broker. Each pay the difference between the price of an asset when the contract is made and is terminated when the trade is closed.
Now back to the benefits……………….
Generally, (depending on your location) you can offset your losses against your income in the case that you lose when trading with CFDs. They are tax deductible.
That is not all…………………..
• You will need only limited starting capital
• Is perfect for short term trading as you have inbuilt leverage
• Diversify trading strategies across uncorrelated instruments, as they are available in a number of global markets