Investors seeking healthy gains in U.S. stocks are better off with medical-device makers than drug companies, according to Ari Wald, Oppenheimer & Co.’s chief technical analyst. Wald showed in a report Saturday how iShares exchange-traded funds for the industry groups did relative to the S&P 500 Index. The ratio between the iShares U.S. medical-devices and pharmaceuticals ETFs set a record Thursday after soaring 87 percent from a low in July 2015.
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