Biotechs lift Nasdaq, Wall Street pares losses

By IBTimes Staff Reporter | January 08 2010 10:24 AM

The Nasdaq <.IXIC> turned positive, led by advancing biotechnology shares, as stocks pared losses in early trading on Friday.

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U.S.-traded shares of Teva Pharmaceutical Industries Ltd rose 3 percent to $58.53 a day after the world's largest generic drugmaker set a 2015 revenue target of $31 billion, more than double its current annual amount.

Teva forecast major growth in overall use of generics.

The Dow Jones industrial average <.DJI> dropped 25.47 points, or 0.24 percent, to 10,581.39. The Standard & Poor's 500 Index <.SPX> fell 1.14 points, or 0.10 percent, to 1,140.55. The Nasdaq Composite Index <.IXIC> gained 6.95 points, or 0.30 percent, to 2,307.00.

Wall Street fell at the open after data showed an unexpected decline in U.S. non-farm payrolls in December.

(Editing by Padraic Cassidy)