Biotech rebound leads Wall St higher

Check out our chart of the day, which spells out a bottom for this beaten-up sector.

Biotech shares have been lately seeing sharp declines after the Democratic presidential candidate Hillary Clinton publically opposed a sudden price rise in certain life saving drugs and declared to take on the pharmaceutical companies on this issue.

“Added to the commotion is the bunch of central bank activity this week, where market participants are looking for clues of more monetary firepower”. “There’s a bit of a bias to buy at this point”, Coleman said ahead of the opening bell.

The yield on 10-year U.S. Treasurys rose around 0.04 percentage point to 2.073% as prices fell, according to Tradeweb.

The composite of Nasdaq came back into positive territory for the rest of 2015.

“Overall it seems like we’re sort of bouncing around here after the last major update from the Fed”, said Mike Bailey, director of research and chair of FBB Capital Partners.

In company news, Yum Brands plunged 17.7% in pre-market trading, after the owner of KFC and Pizza Hut cut its earnings outlook for the year late on Tuesday, citing a slower-than-expected recovery in China.

Third-quarter earnings season won’t kick off in earnest until Thursday afternoon with the unofficial kickoff from Alcoa (AA).

PepsiCo reported earnings results this morning, beating expectations on adjusted earnings and sales. The fall in the number of rigs will directly impact the amount of oil being produced in the USA and this decrease in supply from the United States should act as a catalyst in driving oil prices higher from their current low level.

The health sector fell 0.86 percent, after having posted gains for five days in a row. Surging imports of the newest iPhones and other cellular devices also helped to enlarge the trade gap. The surge was largely attributed to a stronger US dollar that lowered the volume of exports to a three-year low. The euro rose to $1.1271 from $1.1268.

In commodities markets, copper pared gains to trade about half a percent higher.

North American stock markets extended their rally on Wednesday driven by strength across most key sectors, led by heavy activity in resource stocks. I don’t think it’s a reversal of the trend.

The Dow Jones industrial average rose 0.73 percent to end at 16,912.29. The broader S&P 500 index gained 15.91 points or 0.8 percent to end at 1,995.83.