Dow up as it hits new record - New York Report

US SHARES rose yesterday as energy stocks led the S&P 500 and Dow, while Biogen’s rally on news about an exper­i­men­tal treatment for Alzheimer’s disease topped gains at the Nasdaq.

The Dow Jones industrial average rose 102.75 points, or 0.58 per cent, to 17,879.55, a record high. The S&P 500 gained 13.11 points, or 0.64 per cent, to 2,066.55 and the Nasdaq Composite added 28.46 points, or 0.6 per cent, to 4,755.81.

Biogen Idec advanced 6.4 per cent and is planning a late-stage trial of its experimental treatment for Alzheimer’s disease after the drug significantly im­proved cognition in a small early-stage study. Avanir Pharmaceuticals was among the most traded stocks on the Nasdaq, rising 12.8 per cent to $16.92. Japanese drugmaker Otsuka Holdings plans to buy it for about $3.5bn.