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Drug stocks drag Wall Street down

Tuesday, March 07, 2017 - 01:35

The Dow and S&P 500 posted back-to-back losses for the first time in more than a month. Fred Katayama reports.

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Drug stocks dragged down Wall Street after a Trump tweet. President Donald Trump tweeted that he's working on a new system to bring down drug prices. Johnson & Johnson weighed on the Dow. Amgen pulled down the Nasdaq. And drug stocks also pressured European shares, although the German DAX eked out a gain. Albert Brenner of People's United Wealth Management: SOUNDBITE: ALBERT BRENNER, DIRECTOR OF ASSET ALLOCATION STRATEGY, PEOPLE'S UNITED WEALTH MANAGEMENT, (ENGLISH) SAYING: "There's initial reaction to the President's twees, particularly the impact it's had on pharma. And also, I think, perhaps some dissatisfaction with the fact that the tax policy - we haven't seen real concrete proposal on tax policy." Chinese telecom equipment maker ZTE pleading guilty. It'll pay nearly $900 million to settle charges it violated U.S. laws that restrict the sale of American-made technology to Iran and North Korea. Snap shares falling. A group representing big institutional investors is calling on index providers S&P Dow Jones Indices and MSCI to bar companies selling non-voting shares from their benchmarks. Snap's Class A shares have no voting rights. Investors snapping up shares of Dish Network. The satellite TV provider will replace Linear Technology on the S&P 500 index on Monday. The U.S. trade deficit leapt to a nearly five-year high in January. Driving up the value of imports: demand for cell phones and rising oil prices.

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Drug stocks drag Wall Street down

Tuesday, March 07, 2017 - 01:35