BABA - Biogen Lifts Nasdaq to Near-Record; JD.com Leads China Internet Stocks Higher
The stock market has gotten back some of its turbulence, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) has maintained its leadership role. Even as other major market benchmarks struggled to stay in positive territory, the Nasdaq flirted with its record levels, climbing 1% as of 3 p.m. EDT. The Nasdaq 100 Index of the biggest Nasdaq-listed stocks rose by a similar amount.
The biotech industry has received a lot of attention because of the prospects for developing treatments or vaccines for the coronavirus. However, Biogen (NASDAQ: BIIB) posted gains today based on hopes for treating a different disease. Elsewhere, Chinese internet stocks were broadly higher, with JD.com (NASDAQ: JD) being the biggest gainer in the Nasdaq 100.
Biogen shares climbed 4% on Wednesday as the biotech giant submitted an application to the U.S. Food and Drug Administration. At issue is a potential treatment for a disease that has long resisted researchers: Alzheimer's.