Health-care companies rose amid deal activity.
Drugmaker Bristol Myers Squibb reached a deal to buy neuroscience-drug developer Karuna Therapeutics for $14 billion.
The deal followed similar moves from AbbVie and Investors have shied away from the health-care sector in 2023 as a rebound in risk appetite has lured dollars towards the artificial-intelligence niches of the tech industry group and away from the safer, steadier industry.
The SPDR Select Sector Health Care exchange-traded fund, which tracks the health-care industry group of the S&P 500, is marginally lower for 2023 to date, compared to a roughly 50% gain for the tech industry group.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-22-23 1654ET
