Biotech Selloff Weighs On Nasdaq

MarketWatch Pulse

The Nasdaq Composite was nearly unchanged on Friday afternoon, switching between small gains and losses. However, internally, the index was a lot more turbulent. The biotech sector sold off, with companies such as Biogen Idec Inc., Selgene Corp. falling about 12% and 4% respectively. However, Internet stocks, such as Akamai Technologies, Inc. , Baidu, Inc. and Yahoo! Inc. , surged. The index is on track to record a modest weekly gain, the fourth in a row.

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