U.S. stocks rose on Friday, led by healthcare stocks, putting the Dow and S&P 500 on track for a seventh straight week of gains. The Dow extended gains beyond Thursday’s 16,009 close and the S&P 500 reached an intraday high above 1,800. The Nasdaq Biotech Index .NBI rose 2.6 percent, driven by a surge in Biogen Idec (BIIB.O). Shares of Biogen shot up 11.9 percent on heavy volume to $282.37 after the company won 10 years of exclusivity protection for its multiple sclerosis drug, Tecfidera, from regulators in Europe. “Healthcare is the place to be. It’s a hot area. People want stocks in healthcare, industrials and consumer discretionary. That’s where tactical investors have been focused, and that’s where the money has been flowing,” said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio, Texas. The S&P 500 healthcare sector .SPXHC has gained 37.5 percent so far in 2013, making it the S&P’s best-performing sector this year. European regulators also recommended approval of a new drug for hepatitis C from Gilead Sciences (GILD.O), which lifted its shares 3.7 percent to $74.26. The Dow Jones industrial average .DJI rose 35.54 points or 0.22 percent, to 16,045.53, the S&P 500… Read full this story
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