fra Marketwatch.com
Oh, what a difference a little question from Congress can make.
Shares of big drug makers led the S&P 500 Index SPX, -2.57% down as much as 2.7% on Monday after Rep. Elijah Cummings, a Democrat from Maryland, and the 17 other members of the House Committee on Oversight and Government Reform signed a letter asking for a subpoena to require Valeant Pharmaceuticals International Inc. VRX, +1.29% to turn over information relating to drug price increases.
Shares of Valeant, which isn’t part of the S&P 500, were down as much as 15.7%.
Hillary Clinton released a plan to cut drug prices last week, which helped send the S&P 500 health-care sector down 5.8% for the week.
Stocks were also hammered Monday because of another set of weak economic data out of China, and economic concerns in the U.S., with pending home sales falling 1.4% during August.
