Ebb & Flow

After threatening to fall though its summer-long support level, the biotech group continued to show resilience last week. The BioCentury 100 index dipped below the key 900 threshold on Wednesday, when it closed at 883, but regained 3.3% to 912 on Thursday and added another 1.3% on Friday to close the week at 924, up 1.9% on the week.

The rebound came as the "Big Three" equity market benchmarks avoided a seventh straight week of declines when equity buyers returned en masse the last two days to prop up the NASDAQ Composite, the S&P 500 and the Dow Jones Industrials. The NASDAQ finished the week up 6.2%, while the S&P 500 and the Dow Jones Industrials each advanced 4.3%. ...