Nasdaq Falls Off Record Levels; Momenta, BioMarin Head in Opposite Directions
The Nasdaq Composite (NASDAQINDEX: ^IXIC) has been at record levels, but a late afternoon decline prevented the index from hitting a third straight all-time high. The Federal Reserve's release of minutes from a late-July meeting of its monetary policy committee raised concerns about the central bank's willingness to pull out all the stops in supporting the economy unless absolutely necessary. That caused the entire market to reverse course, and the Composite and the Nasdaq-100 Index closed with declines of roughly half to three-quarters of a percent.
The healthcare sector has been full of news lately, with potential treatments and vaccines for COVID-19 taking the limelight. Yet today, two drug companies got attention for reasons largely unrelated to the coronavirus pandemic. Momenta Pharmaceuticals (NASDAQ: MNTA) saw a big move upward as an industry giant made a major strategic move, but BioMarin Pharmaceutical (NASDAQ: BMRN) found itself on the short end of the bull market stick due to unexpected bad news.
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Source Fool.com
