Drug stocks hit record highs as tech tumbles

📡 MarketWatch yesterday · 1 min read ·

Part of composite article AI Debt Fears Wipe $2 Trillion Off Tech Stocks as Investors Stampede to Bonds View full article →

Investors moved money into pharmaceutical shares on Thursday, pushing stocks of AbbVie, Eli Lilly and Gilead Sciences to close near all-time highs. The shift came as a selloff in technology stocks led investors to seek safer places for their money. Drugmakers are often seen as defensive holdings — meaning their products stay in demand even when the economy slows.