Bright spot in dreary year as biotech indexes rise

With the biotech indexes seeing their best single-day performance of 2021, a broader market surge on the back of declining fears about the Omicron COVID-19 variant could mark the bottom for what’s been a dreary year for biotech.

The S&P Biotech ETF (XBI) climbed $5.46 (5%) to $115.04 while the NASDAQ Biotechnology Index jumped $175.73 (3.9%) to $4,699.55, each marking the largest single-day increase by percentage. The S&P 500 was also up on Tuesday, gaining 2%...