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U.S. Stocks Rise, Led by Consumers as Nasdaq Slumps

U.S. stocks climbed after a two-day slide, as consumer shares rebounded amid data showing household purchases rose the most in three months. Biotechnology shares extended losses, weighing on the Nasdaq Composite Index.

H&R Block Inc. and GameStop Corp. climbed at least 6.2 percent, leading gains among consumer shares. Cognizant Technology Solutions Corp. rallied 4.4 percent after Morgan Stanley raised its recommendation on the stock. The Nasdaq Composite almost erased a 1.3 percent rally as Gilead Sciences Inc. and Biogen Idec Inc. tumbled more than 4 percent, capping the week’s sell-off in riskier assets.