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Stock Market

S&P 500 index closes above 1,800 for first time

  • Wall-Street-455

    Trader Timothy Nick, center, works on the floor of the New York Stock Exchange Friday, Nov. 22, 2013. Stocks were mixed in early trading Friday as traders and investors lacked a catalyst to push the major indexes higher after strong gains this year. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

  • Wall-Street-454

    Specialist Wingszi Chiang, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange Friday, Nov. 22, 2013. Stocks were mixed in early trading Friday as traders and investors lacked a catalyst to push the major indexes higher after strong gains this year. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

  • Wall-Street-456

    Specialist Paul Cosentino, right, works at his post on the floor of the New York Stock Exchange Friday, Nov. 22, 2013. Stocks were mixed in early trading Friday as traders and investors lacked a catalyst to push the major indexes higher after strong gains this year. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

  • Wall-Street-TV-Maria-Bartiromo-1

    A tearful CNBC reporter Maria Bartiromo is overwhelmed as traders applaud her as she arrives on the floor of the New York Stock Exchange for her last day at the network, Friday, Nov. 22, 2013. Bartiromo is leaving the business news channel when her contract ends Nov. 24, concluding 20 years with CNBC. (AP Photo/Richard Drew)

    <ASSOCIATED PRESS

NEW YORK — The Standard & Poor’s 500 index is closing above 1,800 for the first time as encouraging news from the drug industry pushes stocks higher.

The S&P 500 index rose nine points, or 0.5 percent, to close at 1,804.76 Friday. The Dow Jones industrial average climbed 55 points, or 0.3 percent, to 16,064.77. The Nasdaq gained 22 points, or 0.6 percent, to 3,991.65

Biotechnology company Biogen Idec surged on reports that it won market exclusivity for its top-selling multiple sclerosis drug in Europe. The stock rose the most in the S&P 500 index.

The stock market is on track for a 27 percent gain this year. Major indexes have surged as solid corporate earnings, a strengthening economy and easy-money policies from the Federal Reserve have drawn investors to stocks.

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