REFILE-US STOCKS-Wall St edges up after three-day run; Gilead slumps

lunes 22 de diciembre de 2014 11:08 GYT
 

(Adds bullet point on housing shares)

* Indexes up: Dow 0.48 pct, S&P 0.13 pct, Nasdaq 0.24 pct

* Gilead falls as Express Scripts picks AbbVie treatment

* Housing shares drop in wake of home sales data

By Chuck Mikolajczak

NEW YORK, Dec 22 (Reuters) - U.S. stocks were modestly higher on Monday, after the benchmark S&P 500 notched its best weekly performance in nearly two months, as a sharp drop in Gilead Sciences reined in broader gains.

Gilead Sciences slumped 9.9 percent to $97.71 as the biggest drag on both the S&P and Nasdaq 100 indexes. Express Scripts, the nation's largest pharmacy benefit manager, has lined up a cheaper price from AbbVie Inc for its newly approved hepatitis C treatment and, in most cases, will no longer cover Gilead's treatments.

"That is very specific to Gilead, so that one is getting crushed, but it shouldn't necessarily set a completely negative tone over the rest of the market, there is no reason for it," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

"The market has had a decent move the last couple of days, so anything could cause people to take a little money off the table."   Continuación...