[video] Market Hustle: Stocks Gain as Dow Holds 16,000 on Yellen Frenzy
NEW YORK (
TheStreet) -- Major U.S. markets closed higher Friday as the
Dow Jones Industrial Average closed above 16,000 for a second day as drugmakers received a boost from government regulators.
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. The Nasdaq gained 0.6% to 3,991.65. for the week, the S&P and Dow gained 0.37% and 0.65%, respectively while the Nasdaq tacked on 0.14% for the five-day trading period.
In company news, Biogen Idec (BIIB) cleared a critical road block Friday for European launch of Tecfidera after regulators granted market exclusivity to the multiple sclerosis pill in the region. The biotech firm was the top performer in the S&P as shares soared 13.2% to close at $285.73.
Ross Stores (ROST) was the worst performer in the S&P after the company lowered its fourth-quarter forecast for same-store sales to 1% to 2%. Shares of the off-price retailer tumbled 5.7% to $75.67.
In other news, the euro hit a four-year high against the Japanese yen after strong German business sentiment suggested ongoing recovery in Europe's largest economy.
Kansas City Fed President Esther George told a Bank of France conference in Paris that U.S. bank stress tests were a "work in progress" and could be improved by being made more transparent.
-- By Jane Searle and Joe Deaux in New York
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV