Wednesday, Mar 4, 2015Wednesday, Mar 4, 2015

Wall St rebounds; biotech shares snap losing streak

Published on Mar 26, 2014 5:58 AM

NEW YORK (REUTERS) - United States (US) stocks ended higher on Tuesday, rebounding from a two-day decline as the hard-hit biotechnology sector regained its momentum and a strong read on consumer confidence increased optimism about the economy.

Trading was choppy throughout the day with the Nasdaq at one point turning lower, led by a sharp reversal in biotech shares.

So-called momentum stocks were still down for the day but off their lows, including Netflix, down 2.1 per cent at US$370.84. Netflix has declined for 14 of the past 15 sessions, falling almost 19 per cent over that stretch. Biotech shares also reversed earlier losses, including Regeneron Pharma, ending 0.8 per cent higher at US$308.87, and Gilead Sciences Inc, up 1.3 per cent at US$73.03.

Alexion Pharma ended 2.2 per cent higher at US$153.08.

If you are not a subscriber, you can get instant, unlimited access here