Stocks open flat for trading after Trump win
- Drug stocks are soaring. Democratic presidential candidate Hillary Clinton had outlined plans to to curb drug price increases. The iShares Nasdaq Biotech Exchange Traded Fund (ETF), which tracks biotech stocks, jumped 7%.
- Private-prison stocks soared, and Corrections Corporation of America gained as much as 35%. President Barack Obama and the Department of Justice announced in August that the federal government would stop using private facilities.
- Gun stocks plummeted, with Smith & Wesson down by as much as 16%. Trump's victory could fade some demand for stocks since there may be less panic about tougher gun laws.