U.S. Stocks Pare Gains as Biotechnology Shares Extend Losses

Mar 28, 2014 2:14 pm ET

March 28 (Bloomberg) -- U.S. stocks pared gains as biotechnology shares extended losses, wiping out most of an early rally led by consumer and technology companies.

The Standard & Poor’s 500 Index was up 0.3 percent at 1,855.21 as of 2:13 p.m. in New York after rising almost 1 percent earlier. The Dow Jones Industrial Average trimmed its gain to less than 40 points and the Nasdaq Composite Index was little changed after jumping 1.3 percent earlier.

Benchmark indexes rebounded from a two-day slide earlier after data showed household purchases rose the most in three months.

Investors had been selling the bull market’s biggest winners this week, locking in gains as they assess how much of the recent economic weakness is weather-related and if the situation in Ukraine will worsen. The Nasdaq Biotechnology Index slid 2.3 percent today and has slumped 16 percent since Feb. 25.