US STOCKS-Wall St ends lower as biotechs fall; indexes up for week

viernes 21 de marzo de 2014 16:54 GYT
 

* Symantec tumbles after CEO's firing

* Tensions between Russia and U.S. still in focus

* Nike shares fall after results

* Dow off 0.2 pct; S&P 500 down 0.3 pct; Nasdaq off 1 pct (Updates to close)

By Chuck Mikolajczak

NEW YORK, March 21 (Reuters) - U.S. stocks slipped on Friday, as investors booked profits in momentum names heading into the weekend, wiping out early gains that had pushed the S&P 500 to an intraday record high.

The S&P 500 lost momentum after hitting an all-time intraday high of 1,883.97, with biotechs among the primary decliners. Biogen Idec Inc, down 8.2 percent at $318.53, and Gilead Sciences Inc, down 4.6 percent at $72.07, were the two biggest drags on the S&P 500. The Nasdaq biotech index fell 4.4 percent.

U.S. lawmakers have asked Gilead to explain the $84,000 price tag of its new hepatitis C drug Sovaldi, which is encountering resistance from health insurers and state Medicaid programs.

"They've been selling them - the techs in particular, as well as the biotechs, even more particular there. Obviously, it's a momentum sector, and all the momentum names are getting smacked around," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.   Continuación...