US stocks rose on Thursday as strong retail sales data relieved fears about consumer spending and corporate deal activity in the biotech sector boosted shares. The market opened lower after some retail stores warned that April sales could slow.
But an index of retail stocks swung from negative to positive as investors reassessed the data and pushed the index higher. The Dow Jones industrial average was up 60.38 points, or 0.48 percent, at 12,545.00. The Standard & Poor's 500 Index was up 7.42 points, or 0.52 percent, at 1,446.29. The Nasdaq Composite Index was up 16.71 points, or 0.68 percent, at 2,476.02. The American Stock Exchange index of biotechnology companies rose 2.2 percent after MedImmune said it had hired Goldman Sachs to explore a sale of the company. MedImmune shares rose 14.7 percent to $43.40 on the Nasdaq.
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