BIOTECH TAKES A TURN FOR THE BETTERIn a welcome change of direction, biotechnology stocks took offMonday with the AMEX Biotechnology Index posting its biggestone-day gain in more than a month, rising 6.870 to 146.150.
The jump was reflected in a broader market rally, the sharpestupturn in eight weeks, that was fueled by news that theFederal Reserve might soon ease credit conditions to spur theeconomy. The Dow Jones industrial average climbed 37.45 to3,319.86. The NASDAQ composite index gained 10.96 to 558.80.
Among biotechnology issues, Amgen Inc. (NASDAQ:AMGN), wasup $3.50 a share to $61; Synergen Inc. (NASDAQ:SYGN), rose$3.38 a share to close at $48.50, and Chiron Corp.(NASDAQ:CHIR), was up $3.25 to $54.88. Other gainers includedGenzyme Corp. (NASDAQ:GENZ), which rose $3 to $45.50.
Three stocks, Applied Immune Sciences Inc. (NASDAQ:AISX),Aramed Inc. (NASDAQ:ARAMZ) and Immunex Corp.(NASDAQ:IMNX) all rose $2 for the day.
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