Popular funds used to invest in the health-care and biotech sectors on Thursday were on track for the best weekly advance in seven months, according to FactSet data. The iShares Nasdaq Biotechnology ETF was up 1.8% on the day and looking at a 10% weekly advance, which would mark its best such gain since the week ended Nov. 11 when the ETF surged 14.4%. The entire health-care complex was on the rise, with the Health Care Select Sector SPDR ETF also on track for its best weekly gain, up 4.2%, since November, with a 1.5% daily climb in sight. Gains in the IBB were being aided by a 13% rise in shares of XBiotech Inc. and a 8% jump in Sangamo Therapeutics Inc. [: SGMO]. The moves come as the U.S. Senate offered a glimpse of a draft of a health-care bill and as President Donald Trump has talked about making changes to drug pricing. Health-care stocks, led by Gilead Sciences were the best performer in the S&P 500 index . The S&P 500 was trading up 5 points, or 0.2%, at 2,440, while the Dow Jones Industrial Average was up 0.1% at 21,435. The Nasdaq Composite Index , meanwhile, where biotech is a big component, was trading 0.3% higher at 6,253.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News