Markets shrug off White House’s MFN order as biotech indexes rise on China deal

Early signals that a White House order would once again punish biotech indexes on Monday gave way to a rally during the trading session, with biotechs recovering some of the value lost during last week’s slide.

The White House’s executive order, described in a social media post by President Donald Trump on Sunday and then issued Monday morning, called for “most favored nation” (MFN) prescription drug reference pricing designed to bring down prices to the lowest level charged in other comparable nations...