U.S. stocks rose, sending the Standard & Poors 500 Index to its best day since October, as biotechnology and energy companies rallied and data on construction spending boosted confidence in the economy.
Biogen Idec Inc. led gains in health-care shares after its Alzheimers drug showed promising early results. Energy shares climbed 1.3 percent even as oil resumed a selloff. Genworth Financial Inc. slid 5.8 percent as JPMorgan Chase & Co. cut its price target on the shares.
The S&P 500 rose 0.6 percent to 2,066.50 at 4 p.m. in New York. The Dow Jones Industrial Average added 100.95 points, or 0.6 percent, to an all-time high of 17,877.75. The Russell 2000 Index of small companies jumped 1.3 percent, after dropping 1.6 percent yesterday.
The S&P 500 fell 0.7 percent yesterday, the most since Oct. 22, as weaker data on Black Friday sales and China manufacturing overshadowed a rebound in oil prices and expansion in American factories.
Source : Bloomberg