Midday Report: Biogen Slides on Phase 2 Study Fail; U.S. Stocks Climb

Stocks compounded early-week gains on Tuesday, helped along by a less-hawkish Federal Reserve and crude gains. The S&P 500 was less than one percent from its all-time high set in May 2015. Biogen (BIIB) - Get Report slumped following disappointing results from a Phase 2 study of a treatment for multiple sclerosis. The biotech company had hoped the treatment would show improvement in physical and cognitive function and a slowing of the disability's progression. Royal Dutch Shell (RDS.A) rose after boosting its expected cost-saving synergies target in its $50 billion acquisition of BG Group. The oiler expects to see $4.5 billion in synergies in 2018. General Electric (GE) - Get Report was rated a new market perform with a $29 price target at Cowen. The firm said organic earnings growth may lag long-term expectations.