NEW YORK, Nov 19 (Reuters): The Dow and S&P 500 closed at record
highs on Tuesday, lifted by further gains in healthcare shares and hopes
for a stronger global economy.
The S&P 500 scored its fourth straight day of gains.
Actavis Plc, Gilead Sciences and other biotechs were among the biggest drivers, a day after Allergan agreed to be bought by Actavis. The Nasdaq biotech index rose 2.1 per cent.
The S&P health care index added 1.6 per cent. Shares of Actavis were up 8.7 per cent at $269.60, helped by bullish analyst notes, while Gilead's stock rose 3.3 per cent to $103.71 per cent.
"A little bit of a risk trade is coming back on, and those are the areas for the M&A," said Uri Landesman, president of Platinum Partners in New York. "It's a very, very good environment to buy growth, so I don't quibble with the notion that there's going to be more M&A."
Among the biggest boosts to the Dow, shares of UnitedHealth were up 1.8 per cent at $98.19.
Further supporting stocks, news of a snap election and a delayed tax increase in Japan strengthened hopes for new stimulus, a day after data showed Japan back in recession. In Europe, German analyst and investor sentiment advanced this month for the first time in almost a year.
The S&P 500 scored its fourth straight day of gains.
Actavis Plc, Gilead Sciences and other biotechs were among the biggest drivers, a day after Allergan agreed to be bought by Actavis. The Nasdaq biotech index rose 2.1 per cent.
The S&P health care index added 1.6 per cent. Shares of Actavis were up 8.7 per cent at $269.60, helped by bullish analyst notes, while Gilead's stock rose 3.3 per cent to $103.71 per cent.
"A little bit of a risk trade is coming back on, and those are the areas for the M&A," said Uri Landesman, president of Platinum Partners in New York. "It's a very, very good environment to buy growth, so I don't quibble with the notion that there's going to be more M&A."
Among the biggest boosts to the Dow, shares of UnitedHealth were up 1.8 per cent at $98.19.
Further supporting stocks, news of a snap election and a delayed tax increase in Japan strengthened hopes for new stimulus, a day after data showed Japan back in recession. In Europe, German analyst and investor sentiment advanced this month for the first time in almost a year.
Blogger Comment
Facebook Comment