Drug Stocks Buck The Market Trend

Business News New Jersey | April 24, 2001| | Copyright

During the stock market's turbulent year so far, pharmaceutical stocks have proved to be one of the few safe havens for investors amid widespread wreckage.

The surprise interest rate cut last week by Federal Reserve Chairman Alan Greenspan could change that equation. The move jump started the market, sending the Dow Jones Industrial Average up by 399.10 to 10615.83, and Nasdaq up by 156.22 to 2079.44 last Wednesday. It also gave new hope to holders of battered technology stocks.

Some analysts predict the rate cut will cool some of the market's ardor for drug stocks. But many investors still ...

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