Pharmacist technician Irene Arrenquin fills a prescription at Pucci's Pharmacy in Sacramento, Calif. Photo: Rich Pedroncelli/AP

The Wall Street Journal reports a 5% increase of the NYSE Arca Pharmaceutical Index, and an 8% increase of the Nasdaq Biotechnology Index last month.

  • Possible reasons for this jump are the "return of large acquisitions" as seen in the stock increase in Gilead Sciences after buying cancer specialist Kite Pharma; another explanation is positive clinical data.
  • This "calmer political environment" could also be explained by the Trump administration not going after big pharma to crack down on drug prices like he promised while campaigning. This is pushing "the attractive investing traits of pharma to the forefront."

Why it matters: The vow to take on drug prices was part of Trump's populist streak during the campaign, but that rhetoric seems to have given way to the GOP's traditional, more industry-friendly position.

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Dan Primack, author of Pro Rata
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Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Wednesday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

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Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

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