Market updraft

After a sluggish start, Wednesday's session turned out to be a blockbuster as investors warmed to the idea that looser monetary policy at the Fed soon will begin to remedy the U.S. economy through larger investments in capital spending. The Dow Jones Industrials, the NASDAQ and the S&P 500 all gained at least 2.8% on the day. Life science stocks also were enjoying the ride, with the BioCentury 100 Index popping 3.5% thanks to an advance-decline ratio of 72-26; while the Amex Pharmaceutical Index moved up 3.3%. A psychological barrier was knocked down too, as the DJIA closed above the 11,000 mark for the first time since early September.

Of the 72 gainers on the day, 14 moved up at least $2.50 on the day. Leading the pack was a $6.23 gain by infectious disease play Gilead (GILD), which closed at $52.75. Other notable BC100 movers included proteomics company Myriad (MYGN), which moved up $5.08 to $60.06; gene-based drug developer Human Genome Sciences (HGSI), which added $4.64 to $61.68; and Amgen (AMGN), which traded up $4.43 to $65 during the session, translating into a $4.5 billion market cap gain for the biotech bellwether. ...