US STOCKS-Wall St pares gains as biotechs take shine off energy

miércoles 9 de marzo de 2016 12:31 GYT

* Brent crude up above $40 per barrel

* Chipotle down as 4 employees fall ill

* Indexes up: Dow 0.36 pct, S&P 0.53 pct, Nasdaq 0.30 pct (Adds details, changes comment, updates prices)

By Abhiram Nandakumar

March 9 (Reuters) - Wall Street pared back early gains on Wednesday as a rise in energy shares from recovering oil prices were capped by a fall in biotech stocks.

Biotechs came under pressure after the U.S. government proposed a test program aimed at lowering Medicare drug costs.

Brent crude extended gains above $40 a barrel, after U.S. crude stockpiles rose in line with estimates last week and gasoline inventories fell more than expected.

Crude oil has rallied in recent weeks, but industry watchers remained skeptical of a sustained recovery in prices as the markets are dealing with a massive oversupply.

The rise in oil prices helped European shares bounce back on Wednesday, even as investors fretted about global economic conditions ahead of central bank meetings on monetary policies.   Continuación...