Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Biotech Booms Amid Pre-Christmas Snoozefest

By

Today's financial recap and tomorrow's financial outlook.

PrintPRINT
Ahead of the Christmas holiday, the biotech sector staged an impressive rally Wednesday following two days of ugly action.

Biotech stocks have been under significant pressure due to the emergence of a new pricing scare faced by key name Gilead (GILD). The group fell hard as fears spread, but found a bottom early this morning.

The iShares NASDAQ Biotechnology Index ETF (IBB) traded as high as $319.14 last Friday, and bounced off today's premarket low of $292.11.

IBB finished 1.7% higher at $299.80, making it the second-best performing major sector.

But utilities were at the top as the Utilities SPDR ETF (XLU) rose 1.9% to $47.97.

Crude oil took a dip today following a two-day bounce, sending energy shares lower, and airlines and transports higher.

However, high-yield bond ETFs strengthened today, breaking the recent pattern of sell-offs in concert with oil.

In all, outside of the booms in biotech and utilities, it was a very slow day.

While the S&P 500 (SPX) made a new all-time high at 2087.56 today, it traded in an extremely narrow 6-point range, and due to a last-minute dive, it finished down 0.01%.

The NASDAQ (COMP) did slightly better, rising 0.2%, aided by the biotech rally. Small caps also outperformed with the Russell 2000 (RUT) finishing up 0.4% at 1206.77. That marked a new high for the rally off the October low, and put it within striking distance of the 1213.55 all-time high set on July 1.

On the economics front, weekly jobless claims came in at 280,000, beating the 290,000 consensus. However, continuing claims were fractionally above expectations.

Friday's Financial Outlook

US markets will be closed on Thursday in observance of the Christmas holiday.

Friday should be another quiet day as there are no major US economic or earnings reports on the calendar. However, given that volume is likely to be light, there is a chance for volatility if market-moving news surfaces.

Japan will report retail sales, CPI, employment, and industrial production data.

P.S. T3 Live is accepting pre-orders for Scott Redler's 2015 Market Outlook special report. We've made some big improvements from last year's report, including the price -- we're offering a $50 discount when you get in before our New Year's release.

Lock in your discount today because it's going away soon.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE