Midday Report: Pharma Stocks Jump on Trump Win; Nasdaq Plummets

Wall Street ran at two speeds with the Dow Jones Industrial Average setting a record high earlier in the day while the Nasdaq plummeted into the red. Markets continued to trade erratically following Tuesday's election results. Pharmaceutical stocks including Merck (MRK) - Get Report and Pfizer (PFE) - Get Report were in rally mode after Democrats failed to secure the presidency and Republicans maintained control of the House and Senate. Democrats would likely have reined in rampant price gouging from pharmaceutical companies. Mylan (MYL) - Get Report joined in on health care gains despite falling short of third-quarter earnings and sales estimates. The drugmaker swung to a loss in its recent quarter, largely tied to a multi-million dollar settlement with the DoJ. Shake Shack (SHAK) - Get Report jumped after lifting its full-year sales outlook. The burger chain also reported a more-than 40% increase in third-quarter revenue and nearly 3% increase in same-store sales. TheStreet's Keris Lahiff reports from Wall Street.