(CNBC) — U.S. stocks closed higher for the third time in four days as a rally in airlines and biotech firms led gains across the board.
"It's not a market that is being driven by divisive issues," said Peter Cardillo, chief market economist at Rockwell Global Capital. The broad gains are "a good indicator that geopolitical concerns just maybe might wane for the week."
The S&P 500 hovered below 1,950 on retail pressures as most of its sectors rose in afternoon trading, led by gains in the biotechnology sector from Vertex Pharmaceuticals and Biogen. Telecoms was the only laggard.
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