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US: Technology, industrials lead US stocks higher
[NEW YORK] Industrial and technology shares rallied Friday, offsetting big declines among pharmaceutical sector as US stocks finished modestly higher for the day in an otherwise down week.
Art Hogan, chief market strategist at Wunderlich Securities, said the biggest winners Friday were sectors that suffered deep losses earlier in the week, including technology, materials and industrials.
But a disappointing outlook from Endo International raised worries about drug pricing. Endo flopped 39.2 per cent.
Fellow drugmakers Allergan, Teva and Mylan all fell 4.0 per cent or more.
The Dow Jones Industrial Average rose 0.5 per cent to 17,740.63.
The broad-based S&P 500 climbed 0.3 per cent to 2,057.14, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 4,736.16.