Good news in the drug industry is pushing the stock market deeper into record territory.
Health care stocks led the market's gains. Biotechnology company BioGen surged on reports that it won market exclusivity for its top-selling multiple sclerosis drug in Europe. Time Warner Cable jumped after the Wall Street Journal reported that Charter Communications was close to a bid for the company.
The stock market is on track for its best year in a decade. Major indexes have surged as a combination of solid corporate earnings, a strengthening economy and easy-money policies from the Federal Reserve have drawn investors to stocks.
The S&P 500 index rose five points, or 0.3 percent, to 1,801.46 as of 12:02 p.m. Eastern Time. The Dow Jones industrial average gained 18 points, or 0.1 percent, to 16,024 in early trading. The Nasdaq composite gained 18 points, or 0.4 percent, to 3,987.
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