|Street finishes higher in choppy trade
US stocks Tuesday finished higher as biotechnology companies and other high-tech equities steadied following a two-day skid.
The Dow Jones Industrial Average gained 91.19 (0.56 percent) to 16,367.88.
The broad-based S&P 500 rose 8.18 (0.44 percent) to 1,865.62 while the tech-rich Nasdaq added 7.88 (0.19 percent) at 4,234.27.
Tuesday's trade was choppy, with the Nasdaq veering into negative territory at midday before recovering in the afternoon.
Biotechnology names avoided another round of deep losses after posting big drops on Friday and Monday. Gilead Sciences rose 1.3 percent and Celgene jumped 2.1 percent, but Biogen fell 0.3 percent and Amgen lost 0.5 percent.
Art Hogan, chief market strategist at Wunderlich Securities, said the shift from biotech over the last three days was “probably a healthy move'' because it shows one sector can experience weakness without a “collapse'' in the overall market.
But some analysts fear the retreat from biotech signals a deeper pullback from stocks and other riskier assets.
“It makes me very concerned,'' said Mace Blicksilver, director at Marblehead Asset Management.
Bond prices fell slightly. The yield on the 10-year US Treasury gained to 2.74 percent from 2.73 percent Monday, while the 30-year increased to 3.58 percent from 3.57 percent. Bond prices and yields move inversely.—AFP