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Biotechs Compromise Nasdaq, S&P Gains, But Dow Buoyed by Nike

A late day sell-off in the biotech sector cost the Nasdaq Composite and S&P 500 indices all of their earlier gains, although the Dow Jones Industrial Average remained solidly on positive turf thanks to a rally in component stock Nike ( NKE ) and gains in the energy sector. Wall Street was in the green for most of Friday after Federal Reserve Chair Janet Yellen said a rate hike this year was "appropriate," with an unexpected upward revision to Q2 gross domestic product also easing investor concerns about the state of the economy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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