FYI: he indexes were looking a bit rocky the past few weeks, with a consolidation at lower levels with no real attempt at an upthrust — but the rally late in the week certainly helped prospects. The bulk of weekly gains came Wednesday and Thursday but Thursday’s move up helped change the complexion of the S&P 500 and Russell 2000 charts which we’ll show below. Trump made a speech “attacking” high drug prices Friday… but drug companies surged that day – so you can see how “biting” these proposals will be. Consider “the swamp” fully loaded.
“Overall, this is quite underwhelming in scope,” said Craig Garthwaite, director of the health-care program at Northwestern University’s Kellogg School of Management. “The proposal is vague on details and filled with more slogans than actual sound economic policies.”
“They’ve confirmed this administration was and will remain very pro-pharma,” said Sanford C. Bernstein & Co. analyst Ronny Gal in an interview. He said the proposals won’t put “any significant pressure on pharma pricing,” and that some would be positive for the industry, such as pushing other countries to pay more.
For the week the S&P 500 closed up 2.4% while the NASDAQ gained 2.7%.
Regards,
Ted
https://www.stocktrader.com/2018/05/13/weekly-market-recap-may-13-2018/
