US STOCKS-S&P just shy of record on oil rally, biotechs curb Nasdaq
* S&P 500 16 points shy of May 2015 record high
* Oil prices hit 2016 highs; Exxon hits 52-week high
* Biogen, Alexion drop after drug trial failures
* Indexes up: Dow 0.43 pct, S&P 0.42 pct, Nasdaq 0.13 pct (Updates to early afternoon)
By Yashaswini Swamynathan
June 7 (Reuters) - Surging energy shares pushed the S&P 500 to within 16 points of its record high and the Dow above 18,000 for the first time since April, but tumbling biotech stocks capped gains on the Nasdaq.
The S&P energy index surged 1.86 percent, on track for its best two-day percentage gain since March, as oil prices reached 2016 highs due to supply constraints and a weak dollar.
Chevron rose 2.3 percent and Exxon gained as much as 1.6 percent to a 52-week high of $90.77. The stocks were among the top three giving the biggest boost to the S&P and the Dow.
"Demand for oil seems to be stronger than we anticipated and the price continues to rise, that is something that is positive," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh. Continuación...