Drugmaker losses pull stocks lower
NEW YORK (AP) — Major U.S. stock indexes slipped Friday as drug companies dragged the market lower. Small-company stocks bucked the downward trend and continued to climb, and bond yields rose to their highest level in a year.
Drugmakers like Merck and biotech company Amgen took some of the biggest losses Friday. Weak results from Gap and Abercrombie & Fitch hurt retailers as investors kept a close eye on the upcoming holiday season.
Small companies including regional banks continued to make large gains. Those stocks have risen sharply since the presidential election last week and are now at record highs.
The Dow Jones industrial average slid 35.89 points, or 0.2 percent, to 18,867.93.