A couple of chemists celebrating biotech's big week. U.S. Army RDECOM / Flickr
Don't look now, but there's some competition brewing atop the equity market standings.
US indices have been ruled by mega-cap technology companies and financial firms for much of the period since the presidential election in November. But after some bullish news last week, drug developers now look poised to give them a run for their money.
The Nasdaq Biotechnology Index (NBI) surged 9.2% over the five days, its biggest increase since the week of the election. Portola Pharmaceuticals and Clovis Oncology led the charge for the 162-company gauge, both climbing more than 55%.
In addition, an exchange-traded fund tracking the gauge absorbed more than $700 million during the three days ended Friday, the biggest inflow since early November for a period of that length.
Business Insider / Andy Kiersz, data from...
Read more: Biotech, drugmakers, healthcare new champions of the stock market ... - Business Insider