03:43 PM EDT, 05/22/2024 (MT Newswires) -- Health care stocks were rising late Wednesday afternoon, with the NYSE Health Care Index edging up 0.1% and the Health Care Select Sector SPDR Fund (XLV) adding 0.2%.

The iShares Biotechnology ETF (IBB) gained 0.7%.

In corporate news, Pfizer ( PFE ) said Wednesday that the first phase of its multiyear cost-cutting program focuses on operational efficiencies and will generate savings of about $1.5 billion by 2027. Its shares spiked 3%.