While the broader stock market posted its sharpest gains ofthe year Monday, both biotechnology stock indexes added to thesignificant increases they have posted in the past five tradingsessions.
The Dow Jones industrial average jumped 70.52 points for itsbiggest single-day gain since it climbed 88.10 points on Dec.23, 1991.
Meantime, the Chicago Board Option Exchange (CBOE) index ofbiotech stocks climbed 4.53 points to close at 146.5, and theAMEX Biotechnology Index added 3.8 points to end the day at156.99. Both indexes have been on the rise since Sept. 8, whenthe CBOE index closed at 136. 62 and the AMEX index finishedat 143.49.
Quieting fears of chaos on the currency markets, monetaryofficials in Germany announced reductions in key interestrates. Analysts said the market was responding to the news,viewed as a victory for international cooperation, since otherleading industrial nations had been urging the Germans to makesuch a move.
Amgen (NASDAQ:AMGN) and Synergen (NASDAQ:SyGN) were thebig winners among biotech stocks. Amgen added $3 to close at$69 on volume of 2.3 million shares, as did Synergen, whichclosed at $48.75.
Winners also included Applied Immune Sciences(NASDAQ:AISX), which closed at $15, a gain of $1.25, and IGLabs (NASDAQ:IGLI), which jumped $2 to close at $12.50.Liposome Inc. (NASDAQ:LIPO) went up $1.12 to close at $9.37.
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