Biotech ETFs surge, supported by strong results from Biogen and Eli Lilly
Exchange-traded funds tracking the biotechnology sector rallied on Tuesday, supported by stronger-than-expected quarterly results from a pair of major components. The iShares Nasdaq Biotechnology ETF gained 1.4%, climbing to its highest level since September 2015, while the SPDR S&P Biotech ETF was up 0.6%, trading near record levels. The gains came after strong results from both Biogen Inc. and Eli Lilly & Co. . Biogen shares jumped 5% while Lilly was up 2%. Thus far this year, the iShares ETF has gained more than 12% while the SPDR fund is up 18.3%. The Dow Jones Industrial Average rose 0.8% on Tuesday while the S&P 500 was up 0.8% and the Nasdaq Composite Index was up 1%.