Skip to main content

Dow Powers to New Record, Nears 23,000

The Dow, the Nasdaq and the S&P 500 all reached new record highs even though drug stocks were under pressure following comments by President Trump.

The Dow Jones Industrial Average, the Nasdaq and the S&P 500 all reached record highs at the close on Monday. The Dow closed less than 50 points away from 23,000. 

Drug stocks, including Gilead Sciences Inc. (GILD) and Pfizer Inc. (PFE) , were under pressure on Monday after Trump went after the industry. In comments at the White House, the president said health care companies were "getting away with murder" and that drug prices were "out of control.

Sears Holding Corp. (SHLD) stock plummeted about 10% on Monday after announcing that Fairholme Capital Management's Bruce Berkowitz was stepping down from the board of directors at the end of October. Berkowitz acts as chief investment officer at Fairholme. The investment firm was Sears' second-largest shareholders as of the end of June.

Shares of Ruby Tuesday Inc.  (RT) soared some 18% after news that the restaurant chain will be taken private. The private-equity firm NRD Capital said that it will pay $2.40 for each share, which represents a 21% premium from Ruby Tuesday's closing price of $1.99 on Friday. With debt included, the companies value the deal at $335 million. The chain, which has about 600 restaurants, said in March that it was evaluating strategic alternatives.

Watch More with TheStreet: