U.S. stocks climbed, with the Standard & Poor’s 500 Index posting a fifth quarterly gain, as Federal Reserve Chair Janet Yellen signaled continued monetary support and tensions appeared to ease in Ukraine.
U.S. stocks climbed after a two-day slide, as consumer shares rebounded amid data showing household purchases rose the most in three months. Biotechnology shares extended losses, weighing on the Nasdaq Composite Index.
The U.S. Supreme Court agreed to hear an appeal by Teva Pharmaceutical Industries Ltd. in a move that may delay generic competition to the company’s top-selling Copaxone multiple-sclerosis drug and alter how patent appeals are handled. Teva rose on the news.
Teva Pharmaceutical Industries Ltd. is using records from its 24-hour support hotline in the U.S. to persuade thousands of multiple sclerosis patients to switch from its biggest-selling drug, Copaxone, to a new version that has patent protection until 2030.
Biogen Idec Inc., maker of the multiple sclerosis drugs Avonex, Tysabri and Tecfidera, bought rights to Japan’s Eisai Co.’s experimental Alzheimer’s disease medicines as it seeks to add treatments for brain disorders.