US STOCKS-Wall St rebounds as biotech moves back to positive zone
* Biotech shares reverse course, up by afternoon session
* Consumer confidence hits six-year high in March
* Options on momentum stocks suggest more bullish bets
* Dow up 0.6 pct; S&P 500 up 0.4 pct; Nasdaq up 0.2 pct (Updates to late afternoon)
By Angela Moon
NEW YORK, March 25 (Reuters) - U.S. stocks rose by late afternoon on Tuesday in a volatile session, rebounding from a two-day decline as a strong read on consumer confidence increased optimism about the economy.
The advance in the afternoon was led by the technology sector, which had slipped earlier as the Nasdaq biotech sector index had fallen about 1 percent. By about 3 p.m., the index was down only 0.2 percent after moving quickly in and out of positive territory.
"Anecdotally, it does seem that when there's upside momentum, people jump into risky names, and then they bail fairly quickly when they have concerns," said Randy Frederick, managing director of active trading for Charles Schwab in Austin, Texas.
"I wouldn't say that the market at large is at risk of falling just because these did. There's nothing on the S&P that would make people concerned from a technical perspective. We're well above the 50-day moving average and haven't touched the 200-day in years. So far, fund flows indicate that people aren't leaving equities." Continuación...