* Biotechs sell off after Clinton tweet
* Biogen, Gilead biggest drag on the S&P, Nasdaq
* Several Fed officials to speak this week
* Dow up 0.8 pct, S&P up 0.6 pct, Nasdaq down 0.2 pct (Updates to late afternoon, changes byline)
By Caroline Valetkevitch
Sept 21 (Reuters) - U.S. stocks climbed in late Monday afternoon trading, rebounding from losses late last week with from gains Apple and financial shares, but a drop in biotech shares limited the advance.
Shares of biotech companies fell after U.S. Democratic presidential candidate Hillary Clinton said she would announce a plan to stop “price gouging” for specialty drugs.
Biogen fell 5.8 percent to $296.40 and Gilead was down 2.9 percent at $105.25.
The S&P healthcare sector fell 1.35 percent, making it the only S&P sector index in the red. The Nasdaq biotech index slumped 4.3 percent.
The New York Times reported that steep price increases for specialty drugs was partly due to companies buying old, neglected drugs and turning them into "specialty drugs." (nyti.ms/1Yvz0Xl)
Financial shares bounced back after losing ground following Thursday’s Federal Reserve decision to keep rates unchanged. The S&P financial index was up 1.1 percent.
But stock trading was volatile, continuing the recent trend. Both the S&P 500 and Nasdaq had been in negative territory earlier.
“We have a new level of uncertainty and that kind of hinders the investor from grabbing the ball and running with it,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
Apple was up 1.6 percent at $115.24, leading the S&P 500 higher. The Wall Street Journal reported Apple has designated building an electric car as a “committed project” and has set a target shipping date for 2019.
At 3:05 p.m., the Dow Jones industrial average rose 135.46 points, or 0.83 percent, to 16,520.04, the S&P 500 gained 11.66 points, or 0.6 percent, to 1,969.69 and the Nasdaq Composite added 10.67 points, or 0.22 percent, to 4,837.90.
The Federal Reserve’s decision to delay an interest rate increase last week was largely a “risk management” exercise to be sure recent market volatility would not become a drag on the economy, Atlanta Fed President Dennis Lockhart said on Monday.
Advancing issues outnumbered declining ones on the NYSE by 1,870 to 1,147, for a 1.63-to-1 ratio on the upside; on the Nasdaq, 1,431 issues fell and 1,373 advanced for a 1.04-to-1 ratio favoring decliners.
The S&P 500 posted 3 new 52-week highs and 17 new lows; the Nasdaq recorded 34 new highs and 60 new lows. (Additional reporting by Tanya Agrawal; Editing by Nick Zieminski)