Midday Report: Biotech Slumps on Trump Worries; S&P 500 Hits Intraday Record

The S&P 500 and Dow Jones Industrial Average traded with slight gains after hitting new intraday records earlier in the session on Wednesday. Broad gains across all sectors boosted the indexes, putting the Dow on track to post another record close. The health care sector was the lone segment in the red as biotechs sold off. President-elect Donald Trump indicated he would target price-gouging in the industry, a cause Democrats had recently championed. Job openings were unchanged in October, though remained at a level consistent with labor market strength. The number of people voluntarily leaving their job was also unchanged, according to the JOLTS report. Domestic crude inventories fell at a slightly-faster pace over the past week than analysts expected. Crude remained lower, though, on concerns an OPEC deal would not significantly address a global supply glut.