U.S. stocks rose today passing another milestone the S&P 500 passed 18,000 points for the first time. U.S stocks rose today as support for Yellen to become the next Federal Reserve chief grew among the investors since the market heavily depends on the $85 Billion stimulus that’s being pumped into the economy. Yellen in fact supports this stimulus program thus why investors favor her nomination.
Today healthcare stocks led the market’s rise. Biotechnology company Biogen Idec surged on reports that it won market exclusivity for its top-selling multiple sclerosis drug in Europe. The company’s stock jumped $33.19, or 13 percent, to $285.62. Healthcare stocks have also led gains in the S&P 500 this year, rising 38 percent. The industry is attractive to investors.
The Dow was up 0.34% to close at 16,064.77 while the S&P 500 added 0.5% to finish the week at 1,804.76.