Wall Street rebounds with financials; biotechs drop

September 21, 2015
in Category: Business
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Wall Street rebounds with financials; biotechs drop

From Reuters:

U.S. stocks ended higher on Monday, rebounding from losses late last week with help from Apple and financial shares, but a drop in biotech shares limited the advance.

Shares of biotech companies fell after U.S. Democratic presidential candidate Hillary Clinton said she would announce a plan to stop “price gouging” for specialty drugs.

Biogen (BIIB.O) fell 5.6 percent to $297.16 and Gilead (GILD.O) was down 2.5 percent at $105.74.

The S&P healthcare sector .SPXGC fell 1.4 percent and was the only S&P 500 sector index to end lower. The Nasdaq biotech index .NBI slumped 4.4 percent.

Financial shares bounced back after losing ground following Thursday’s Federal Reserve decision to keep rates unchanged. The S&P financial index .SPSY was up 1.1 percent.

But trading was volatile, continuing the recent trend, with both the S&P 500 and Nasdaq in negative territory earlier.

“We had a rebound from Friday’s selling… though there still is among investors a high level of uncertainty as to what the Fed statement meant,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

“That kind of hinders investors from grabbing the ball and running with it.”

The Dow Jones industrial average .DJI rose 125.61 points, or 0.77 percent, to 16,510.19, the S&P 500 .SPX gained 8.94 points, or 0.46 percent, to 1,966.97 and the NasdaqComposite .IXIC added 1.73 points, or 0.04 percent, to 4,828.96.

Keep Reading: http://www.reuters.com/article/2015/09/21/us-markets-stocks-idUSKCN0RL14P20150921