Biotechnology shares rose throughout the day Friday and remained up following the U.S. House vote and approval of a revised $700 billion rescue package for failing financial companies.
The major indexes rose in afternoon trading as reports showed that a majority in the House was voting for the package, which is the most sweeping government intervention in markets since the Great Depression.
The Dow Jones industrial average was up only marginally in volatile trading after having been up more than 300 points before the vote. It was up 134.52 points to 10,617.50 points following the vote. The Standard & Poor's 500 index rose 18.14 points to 1,132.42 points while the Nasdaq composite index rose 29.94 points to 2,006.66.
Biotech stocks traded mostly higher throughout the day. The American Stock Exchange's biotechnology index, which tracks several bellwether companies, was up 6.1 points to 756.2 points.
Shares of Amgen Inc. rose $1.59, or 2.7 percent, to $60.16; while Genentech Inc. rose $1.49 to $88.03. Elsewhere in the sector, Gilead Sciences Inc. rose $2.33, or 5.2 percent, to $47.01, Celgene Corp. rose $2.16, or 3.8 percent, to $62.57, and Cephalon Inc. rose 71 cents to $72.44.
Biogen Idec Inc. rose $1.53, or 2.9 percent, to $51.12.
The major indexes rose in afternoon trading as reports showed that a majority in the House was voting for the package, which is the most sweeping government intervention in markets since the Great Depression.
The Dow Jones industrial average was up only marginally in volatile trading after having been up more than 300 points before the vote. It was up 134.52 points to 10,617.50 points following the vote. The Standard & Poor's 500 index rose 18.14 points to 1,132.42 points while the Nasdaq composite index rose 29.94 points to 2,006.66.
Biotech stocks traded mostly higher throughout the day. The American Stock Exchange's biotechnology index, which tracks several bellwether companies, was up 6.1 points to 756.2 points.
Shares of Amgen Inc. rose $1.59, or 2.7 percent, to $60.16; while Genentech Inc. rose $1.49 to $88.03. Elsewhere in the sector, Gilead Sciences Inc. rose $2.33, or 5.2 percent, to $47.01, Celgene Corp. rose $2.16, or 3.8 percent, to $62.57, and Cephalon Inc. rose 71 cents to $72.44.
Biogen Idec Inc. rose $1.53, or 2.9 percent, to $51.12.
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