Economics
U.S. Stocks Advance Amid Drug-Maker Rally as Caution Subsides
- Fed minutes show heightened uncertainty on job data, U.K. vote
- Banks, commodity shares rise after erasing early losses
FOMC Minutes Released: Here's What We've Learned
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U.S. stocks advanced, led by gains among drug companies, as cautious sentiment eased amid speculation the American economy can weather the impact of the U.K.’s decision to leave the European Union.
Equities shook off early weakness as biotechnology shares rallied to lift the health-care group to the highest this year. Retailers rose after data showed the fastest expansion in services industries in seven months. A Goldman Sachs Group Inc. basket of most shorted shares surged for the fifth time in six days, rising 9.2 percent over the period. Phone companies fell for a second day after reaching levels not seen since 2001.