US STOCKS-Wall Street rises, biotech shares lead rally

miércoles 13 de agosto de 2014 14:56 GYT
 

* Retail stocks slip after soft economic data, Macy's outlook

* Nasdaq biotech index up 2.1 pct

* King, SeaWorld plunge on weaker-than-expected revenue

* Dow up 0.5 pct; S&P 500 up 0.6 pct; Nasdaq up 1 pct (Updates to afternoon trading, changes comment, byline)

By Akane Otani

NEW YORK, Aug 13 (Reuters) - U.S. stocks rose on Wednesday, with the Dow returning to positive territory for the year as the market shrugged off weak earnings reports and a slump in retail shares.

Retail stocks capped the market's gains as retail sales unexpectedly stalled in July, marking the weakest report since January. Macy's quarterly earnings missed analysts' estimates and the stock fell 6.4 percent to $55.96.

Despite data painting a weak consumer picture, all 10 S&P primary sectors gained. Biotech shares surged, with the Nasdaq biotech index climbing 2.1 percent on the back of stocks including InterMune Inc and Jazz Pharmaceuticals PLC .

"All the indicators that we got today - the earnings from Macy's, Deere & Co and the economic data - looked a bit weaker than we anticipated, but I think it's pretty safe to say that the market isn't reacting to those numbers as we would have expected," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.   Continuación...