Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%) is looking for a positive finish to a week that saw the index set a fresh record high alongside the Nasdaq (+0.6%). The two indices are up a respective 1.2% and 0.6% for the week while the Dow (+0.9%) has gained 1.0% since last Friday, but it is still nearly 6.0% away from its record high that was notched in early August.

Ten sectors sport gains in afternoon trade with three groups up at least 1.0%. The top-weighted technology sector (+0.4%) remains behind the broader market, but today's leaders, health care (+1.6%) and consumer discretionary (+1.5%) have strengthened their standing since this morning.

Biotechnology stocks faced some pressure in recent days, but the group has rebounded strongly today, helping the SPDR S&P Biotech ETF (XBI 153.88, +4.60, +3.08%) recover the bulk of this week's loss while the iShares Nasdaq Biotechnology ETF (IBB 206.26, +5.78, +2.88%) is now up 0.4% for the week. Gene-therapy names like Moderna (MRNA 221.06, +24.06, +12.21%) and Novavax (NVAX 12.84, +1.82, +16.58%) have offered leadership throughout the day, extending to fresh highs during the past hour after The New York Times reported that experimental cancer vaccines could receive fast-track designation.