Biotech avoids selloff

Biotech was not caught in the equity selloff on Wednesday, which was triggered by Federal Reserve Chairman Alan Greenspan's testimony to the U.S. House of Representatives in which he indicated the Fed was unlikely to cut interest rates prior to the next Federal Reserve Open Market Committee (FOMC) meeting. The BioCentury 100 index slipped only 0.3 percent on the day, compared to the 2.5 percent tumble for the NASDAQ. The DJIA and the S&P 500 also traded down on the day, loosing 1.3 percent and 1.7 percent, respectively. ...