NEW YORK (Reuters) — Stocks rose Friday, with the S&P 500 closing above 1,800 for the first time and health care names leading the way higher. The Dow industrials ended at another record high above 16,000.
Both the Dow and the S&P 500 recorded their seventh straight week of gains in what has been a very strong year for stocks. The seven-week advance comes just ahead of December, which since 1950 has been the best month for both the Dow and the S&P.“We’re advising our clients to take this ride until the end of the year,” said Drew Nordlicht, managing director at Hightower San Diego.The Nasdaq Biotech Index jumped 3 percent, driven by a surge in Biogen Idec. Shares of Biogen shot up 13.2 percent on heavy volume to $285.62 after the company won 10 years of exclusivity protection for its multiple sclerosis drug from regulators in Europe.
“Health care is the place to be,” said Michael Matousek of U.S. Global Investors Inc.