Wednesday's midday trade: Dow, S&P hit highs but Trump comments slam drug stocks

The S&P 500 and the Dow hit record intraday highs on Wednesday, helped by gains in bank stocks, but President-elect Donald Trump's comments on drug prices slammed the healthcare sector, pulling down the Nasdaq. Trump, in an interview with the Time magazine, said he would bring down drug prices. The S&P 500 healthcare index swiftly lost nearly 2 percent, while the Nasdaq Biotechnology index dropped 3.8 percent - set for its worst day in nearly two months.
Trump's effect was also seen on Tuesday, with Boeing's stock falling after his tweet that an order for a revamped Air Force One plane should be cancelled as it was too expensive. "I think it is a new fact of life going forward, that fundamentals can be swept aside any day by comments from the (President-elect)," said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.
Pfizer's shares fell 2.7 percent to $30.70 after Britain's competition watchdog fined the drugmaker $107 million for its role in ramping up the cost of an epilepsy drug by as much as 2,600 percent. Nine of the top 10 stocks weighing on the S&P 500 were drug-related, with Johnson & Johnson and Pfizer having the biggest impact. At 10:57 am ET (1604 GMT), the Dow Jones industrial average was up 15.24 points, or 0.08 percent, at 19,267.02. It hit a record of 19,276.25. The S&P 500 was up 2.02 points, or 0.09 percent, at 2,214.25, slightly below its all-time high of 2,214.74. The Nasdaq Composite was down 2.26 points, or 0.04 percent, at 5,330.74.