Biotech and Housing Stocks Continue to Lead the Market Higher Updated: 5/15/2013
U.S. stocks have continued to move higher, with all-time closing highs in the Dow Jones Industrial Average and S&P 500 indices yesterday. Biotechnology stocks have been particularly strong, as have home builders and healthcare stocks. The NASDAQ BIOTECHNOLOGY INDEX (NBI) was up 6.6% over the past 5 days and is up over 35% year-to-date.
"Biotech stocks have been helped by signs of a more accommodating U.S. approvals process and several companies reporting positive news. The tailwinds from the recent market rally are helping the sector as investors look to allocate funds to non-defensive sectors," said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes. "The housing sector stocks were strong again this week, with a gain of almost 3% after a 4.4% rise last week."
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