Epic Research Update : US Markets

US stocks slipped on Friday, as investors booked profits in momentum names heading into the weekend, wiping out early gains that had pushed the S&P 500 to an intraday record high.

The S&P 500 lost momentum after hitting an all-time intraday high of 1,883.97, with biotechs among the primary decliners. Biogen Idec Inc, down 8.2 percent at USD 318.53, and Gilead Sciences Inc, down 4.6 percent at USD 72.07, were the two biggest drags on the S&P 500. The Nasdaq biotech index fell 4.4 percent.

The Dow Jones industrial average fell 28.28 points or 0.17 percent, to 16,302.77. The S&P 500 slipped 5.49 points or 0.29 percent, to 1,866.52. The Nasdaq Composite dropped 42.498 points or 0.98 percent, to close at 4,276.788.

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