U.S. stocks fluctuated, after the biggest three-day jump since 2011, as gains in technology shares offset a slump in biotechnology and the first drop in five days for energy companies.
The Nasdaq Biotechnology Index slumped 2.6 percent as Gilead Sciences Inc. sank 14 percent after a drug-benefit manager blocked the companys $1,000 hepatitis treatment. Chevron Corp. lost 1.3 percent as energy companies were the worst performers in the Standard & Poors 500 (SPX) Inc. Facebook Inc. and Intel Corp. rose more than 2.3 percent to pace gains among technology shares.
The Standard & Poors 500 Index added less than 0.1 percent to 2,071.01 at 12:14 p.m. in New York, near a record close. The Dow Jones Industrial Average jumped 89.72 points, or 0.5 percent, to 17,894.52. Trading in S&P 500 companies was 9 percent below the 30-day average for this time of the day.
U.S. equities jumped 5 percent in the past three sessions as Fed Chair Janet Yellen said the central bank will likely hold key rates near zero at least through the first quarter, even as the U.S. economy strengthens.
Source : Bloomberg