Drug stocks retreat;
Drug stocks retreated early Friday as shares of Danish drugmaker Novo Nordisk A/S fell after its shares were downgraded by analysts at Jefferies & Co. The NYSE Arca Pharmaceutical Index dipped 0.7% to 316.39 and the NYSE Arca Biotechnology Index slipped 0.5% to 981.04, echoing the broader market.
Drug stocks fled with the broader market into negative territory Monday as investors reacted negatively to a warning by Bank of America that credit markets were continuing to deteriorate.