US STOCKS-Biotechs lift Wall St Dow back in black for 2014
U.S. stocks ended higher on Wednesday, with the Dow Jones industrial average returning to positive territory for the year, as surging biotech shares helped investors shrug off disappointing retail sales data.
Although the weak retail sales pointed to some loss of momentum in the economy, the July reading could give the Federal Reserve more support to move slowly on raising interest rates, a situation that favors investors in equities.
All 10 S&P primary sector indexes gained, even as some heavyweights’ stocks plunged on missed earnings and downgraded revenue forecasts.
Biotech shares surged, with the Nasdaq Biotech Index climbing 2.1% in sync with a rally in the stocks of InterMune Inc and Jazz Pharmaceuticals PLC.
Wednesday’s advance lifted the Dow back into the black for 2014 after last week’s sharp selloff had wiped out the year’s gains
Source: Reuters
