US STOCKS-Wall St claws back losses as healthcare rises

lunes 22 de agosto de 2016 13:14 GYT
 

* Fed Chair Yellen to speak at Jackson Hole on Friday

* Medivation jumps on $14 bln Pfizer deal

* Indexes up: Dow 0.02 pct, S&P 0.02 pct, Nasdaq 0.07 pct (Updates to open)

By Yashaswini Swamynathan

Aug 22 (Reuters) - Wall Street recovered earlier losses on Monday as gains in healthcare stocks offset a slide in the energy sector.

Pfizer's $14 billion acquisition of cancer drug maker Medivation propped up biotech stocks. Medivation's shares jumped nearly 20 percent, giving the biggest boost to the Nasdaq.

With the earnings season coming to an end, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming to see whether the Fed is keen on raising interest rates in the coming months.

The case for an imminent rate hike was strengthened by Fed Vice Chairman Stanley Fischer's comments that the U.S. economy was close to hitting job and inflation targets.

Traders have priced in an 18 percent chance of a rate hike for September, up from 12 percent odds seen on Friday. That measure rose to 40.6 percent for December from 39.1 percent, according to the CME Group's FedWatch tool.   Continuación...