Financial stocks weighed on the Dow and S&P 500, but a rally in biotech stocks lifted the Nasdaq. Fred Katayama reports.
A tale of two markets Wednesday. Financial stocks like JPMorgan Chase dragged down the Dow and S&P 500, while a rally in biotech stocks boosted the Nasdaq. Advisors Asset Management CEO Scott Colyer: SOUNDBITE: SCOTT COLYER, CEO AND CHIEF INVESTMENT OFFICER, ADVISORS ASSET MANAGEMENT, (ENGLISH), SAYING: "We do have a breakout in the biotechs today, but that's just a reflection of growth. Growth is in. Value is out. And I think biotechs probably have a long way to run because quite frankly, their business, along with healthcare, they are growing their earnings, so their stock prices probably have some room to run." Oil prices slipped, making energy stocks the day's biggest loser in the U.S. as well as Europe, where they dragged the markets lower. Crude fell despite a larger than expected drop in U.S. crude and gas inventories. Nike shares rising. Goldman Sachs says the footwear maker could be close to a deal to sell production Amazon. That dragged down shares of Nike's rivals, Foot Locker, Dick's Sporting Goods and others. La-Z-Boy stock is anything but. It's soaring after the furniture retailer's quarterly comparable sales rose nearly 2-and-a-half percent. Profit rose sharply and beat estimates. FedEx shares rose to a record high. The package delivery company forecast higher earnings for fiscal 2018. Existing home sales posted a surprise increase in May. An inventory shortage drove the median home price to an all-time high.