The S&P 500 ended at its best level since July on Tuesday, helped by a big jump in energy shares and investor confidence that higher interest rates will not derail the economy. The index finished below its best levels of the session, though, while the Nasdaq ended lower.
Biotech shares dropped following disappointing news from several key companies including Biogen. The Nasdaq Biotech Index .NBI was down 2.5 percent, its biggest daily percentage decline since May 11. Giving the S&P 500 its biggest boost, the S&P energy index .SPNY jumped 2.1 percent as oil prices reached 2016 highs due to supply constraints and a weak dollar.
Exxon Mobil gained 1.5 percent to USD 90.71. Gains this week have once again put the S&P 500 within striking distance of record highs reached in May 2015. Comments from Fed Chair Janet Yellen on Monday seemed to ease some worries about the economy, while underscoring views the Fed may be in no rush to raise rates.
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Biotech shares dropped following disappointing news from several key companies including Biogen. The Nasdaq Biotech Index .NBI was down 2.5 percent, its biggest daily percentage decline since May 11. Giving the S&P 500 its biggest boost, the S&P energy index .SPNY jumped 2.1 percent as oil prices reached 2016 highs due to supply constraints and a weak dollar.
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