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Biotech, pharma rise after election

November 3, 2004 8:00 AM UTC

Life science companies enjoyed a general rally following Tuesday's presidential election and Wednesday morning's concession by Sen. John Kerry (D-Mass.). On Wednesday, the AMEX Biotech Index (BTK) was up 4%, while the AMEX Pharma Index (DRG) was up 3%. Both outpaced the DJIA, NASDAQ and S&P 500, each of which was up about 1%.

On Wednesday, there were only 10 decliners in the BioCentury 100 Index compared with 89 gainers. Companies with strong upward swings included the two largest biotechs -- Amgen (AMGN) and Genentech (DNA). AMGN was up $3.56 to $58.55 on 20.7 million shares, and DNA was up $2.80 to $48.75 on 6.8 million shares. ...