US STOCKS-Wall St rises, biotech stocks snap losing streak

martes 25 de marzo de 2014 10:43 GYT
 

* Biotech shares rise, rebounding after recent losses

* Consumer confidence hits six-year high in March

* Walgreen, McCormick shares rally after results

* Indexes up: Dow 0.6 pct, S&P 0.5 pct, Nasdaq 0.7 pct (Updates to open, adds analyst comment and data)

By Ryan Vlastelica

NEW YORK, March 25 (Reuters) - U.S. stocks rose on Tuesday as many of the market's biggest trading favorites regained their momentum and a strong read on consumer confidence boosted optimism about economic conditions.

Consumer confidence rose more than expected in March, climbing to its highest level since January 2008. The report was the latest in a string of positive reads on the economy that supported theories that softness early this year was related to bad weather and not weakening fundamentals.

Investors continued to watch global issues cautiously. On Monday, major indexes fell on concerns that the crisis in Ukraine could escalate, pushing traders to take profits in such high-flying sectors as biotech and Internet shares. Those names rebounded on Tuesday, with some of Monday's biggest decliners topping the list of advancing S&P 500 names.

Biotech shares snapped a four-day losing streak to rise 1.7 percent. Alexion Pharma rose 2.4 percent to $153.29, while Regeneron Pharma was up 2 percent at $312.41. Among Internet names, which have also been hit by accusations that they are overpriced, Facebook Inc added 2.1 percent to $64.97.   Continuación...