The healthcare sector rebounded on Tuesday, September 29, after being rattled the week prior. Biotechnology stocks are favored and have given unprecedented gains in the past. However, the sector went through a slump due to Democratic presidential candidate Hillary Clinton’s statement on specialty drug pricing. Major biotechnology stocks that gained on September 29 were Edwards Lifesciences (EW), Medtronic (MDT), Bristol-Myers Squibb (BMY), and Varian Medical Systems (VAR). The stocks gained 2.91%, 2.87%, 2.59%, and 2.53%, respectively, on September 29, 2015.
The graph above shows the performance of the SPDR S&P 500 ETF’s (SPY) component sectors on September 29. The stock market had a mixed response with only the healthcare sector, the industrial sector, the materials sector, and the finance sector turning up on September 29.
US investors were surrounded with concerns over the timing of rate hikes in the United States and the accelerating slowdown in the Chinese economy. The technology sector was at the bottom of the S&P 500 Index. However, Yahoo! (YHOO) gained 2.39% on September 29 after its decision to proceed with the spin-off of its stake in Chinese company Alibaba Group, despite uncertainty about the tax-free status of the deal.
Key stocks of the day
The top three stocks of the day were Ensco (ESV), Noble Corporation (NE), and Delphi Automotive (DLPH). On , on September 29, the stocks returned 5.01%, 4.68%, and 3.65%, respectively. Delphi Automotive stocks were upgraded to “outperform” by RBC Capital Market’s research analysts. The stock has also earned thirteen “Buy” and four “Hold” recommendations, and only one “Sell” recommendation.
The stocks at the bottom were Windstream Holdings (WIN), Under Armour (UA), and ONEOK (OKE). The stocks yielded -8.58%, -6.78%, and -6.48%, respectively, on September 29. Windstream Holdings has received ten “Hold,” three “Buy,” and four “Sell” recommendations.
Let’s take a look at the UK stock market in the next part.