U.S. markets climbed higher today as weakness in the dollar and oil prices gave rise to speculation on whether or not the word “patience” will be removed from the Federal Reserve’s language when it meets on Wednesday, and whether or not that will trigger a June rate hike.
Also today, the monthly National Association of Home Builders confidence index declined for the third consecutive month, falling from 55 to 53 in March. The Empire State Index also fell, from 7.8 in February to 6.9 this month.
The Dow Jones Industrial Average rose 1.3%, while the S&P 500 gained 1.4% and the Nasdaq Composite was up by 1.2%.
All of the major market sectors were positive today, with healthcare and utilities the strongest of the groups. Some key announcements boosted Amgen, Inc (NASDAQ:AMGN) and Boston Scientific Corporation (NYSE:BSX), today, while JetBlue Airways Corporation (NASDAQ:JBLU) soared higher. Those three were three of today’s best stocks.
Amgen, Inc. (AMGN)
AMGN stock raced higher 5.7% higher after a weekend release of a New England Journal of Medicine study showed Amgen’s Evolocumab drug significantly reduced the incidence of a major heart-related event when compared with a placebo group.
Less than 1% of those given the AMGN drug had any heart-related events, while more than 2% on the placebo did. The results were also much better than those for Praluent, another experimental drug manufactured by Sanofi SA (ADR) (NYSE:SNY) and Regeneron Pharmaceuticals Inc (NASDAQ:REGN).
Although preliminary results are not conclusive, analysts are saying that there is a potential for the new AMGN drug to replace cholesterol-reducing Statin drugs, which would create a huge market for AMGN within a few years.
Boston Scientific Corporation (BSX)
AMGN wasn’t the only medical stock getting a boost today. BSX stock was up 3.8% after receiving approval from the U.S. Food and Drug Administration for its Watchman device, which can prevent strokes in patients with non-valvular atrial fibrillation, a heart rhythm disorder.
The new device is also an alternative to patients having to take the widely-used drug, Warfarin, to prevent blood clots. Boston Scientific said it can possibly generate $500 million in sales for its new device over the next five years.
JetBlue Airways Corporation (JBLU)
JBLU stock, up 3.2% today, has been flying higher lately amid a number of positive developments. On Friday, JBLU announced a rise in February customer traffic, even as other airlines such as American Airlines Group Inc (NASDAQ:AAL) and Delta Air Lines, Inc. (NYSE:DAL) had declining numbers.
Today, JBLU announced a codeshare partnership with Silver Airways Corp. to allow customers of both airlines easier access to more destinations in both the Bahamas and Florida.
Also today, Raymond James Financial upgraded JBLU stock from “market perform” to “outperform” and assigned it a $22 price target.
It also hasn’t hurt JBLU stock that oil prices continue to tumble. Crude oil was down another 3%, finishing at a six-year low of $43.88 a barrel.
As of this writing, Ethan Roberts does not hold a position in any of the aforementioned securities.
