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Biogen, Nike lift US stocks; Nasdaq above 5,000

AFP

US stocks rose in early trade Friday, lifted by a strong Nike earnings report and promising clinical results from Biogen on a medication to treat Alzheimer's Disease.

About 25 minutes into trade, the Dow Jones Industrial Average was at 18,098.03, up 139.00 points (0.77 percent).

The broad-based S&P 500 gained 14.00 (0.67 percent) to 2,103.27, while the tech-rich Nasdaq Composite Index surged 34.84 (0.70 percent) to 5,027.22.

Dow member Nike jumped 3.5 percent as earnings for the quarter ending Feb. 28 gained 16 percent to $791 million.

Biogen surged 6.7 percent after reporting that clinical trials of its aducanumab drug slowed dementia by a significant amount. Biogen advanced the drug to the next phase of testing.

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The Biogen announcement sparked a rally of other biotech stocks, helping to lift the Nasdaq above 5,000. Celgene gained 1.6 percent while Amgen tacked on 1.1 percent.

Shopping mall company Macerich slumped 7.6 percent after rival Simon Property Group raised its bid from its previous $91 a share to $95.50 in "its best and final offer" for a deal. Simon rose 1.1 percent.

Jewelry chain Tiffany shed 3.3 percent following its forecast of a drop of about 30 percent in first-quarter earnings.

Darden Restaurants rose 2.9 percent after reporting that third-quarter earnings rose 22 percent to $133.8 million. Total sales at its Olive Garden chain rose three percent.

Bond prices rose. The yield on the 10-year US Treasury fell to 1.94 percent from 1.97 percent Thursday, while the 30-year dropped to 2.52 percent from 2.53 percent. Bond prices and yields move inversely.