BIIB helps XLV finish up over 26% YTD
The Market:
It was a solid session following Monday’s drop with the Russell 2000 (IWM) clearly leading and with advancers leading decliners by roughly 2:1.
In Individual sectors it was Transportation (IYT) leading up 1.18% followed closely by Energy (XLE), which is still trying to recover from Friday’s big gap down, up 1.16%, and lastly HealthCare (XLV) which finished 1.12% higher and is now up over 26% year-to-date. Helping the XLV today was Biogen Idec (BIIB) which gained 6.43% on positive results from an early-stage Alzheimer’s drug trial. BIIB is a name to watch. Above $280 the stock is set-up for higher.
Lots of Economic data this week but today was on the lighter side. What was released beat expectations as Construction spending was up 1.1% and Total Vehicles Sales topped estimates coming in at 17.2M. Tomorrow ADP Non-farm Employment numbers are released along with ISM after the open and Fed speak later in the afternoon.
Reporting EPS 12/3/14 Pre-Market: