Banks and tech companies lift stocks higher; drugmakers dive

NEW YORK - U.S. stocks rose Thursday as gains for technology companies and banks helped the market recover some of its losses from earlier in the week. However, drugmakers and distributors tumbled.

Drugmakers sank after Celgene and Bristol-Myers Squibb slashed their forecasts. Late in the day, drugstores and companies that distribute medications sank on reports Amazon is taking steps to move into the pharmaceutical business by getting licenses to distribute medications wholesale.

The Standard & Poor's 500 index rose 3.25 points, or 0.1 percent, to 2,560.40. The Dow Jones industrial average gained 71.40 points, or 0.3 percent, to 23,400.86. The Nasdaq composite lost 7.12 points, or 0.1 percent, to 6,556.77. The Russell 2000 index of smaller-company stocks added 3.98 points, or 0.3 percent, to 1,497.46.

The euro fell to $1.1657 from $1.1807 as investors think interest rates in Europe will stay lower for longer than they had expected. The weaker euro helped shares of companies that export goods from Europe.

Celgene stock lost $19.57, or 16.4 percent, to $99.99. Bristol-Myers Squibb lost $3.05, or 4.8 percent, to $60.95 after it reduced its annual forecast. Other drugmakers including Amgen and Gilead Sciences also stumbled.

Materials companies climbed after a round of strong company results. Chemicals maker Dow DuPont jumped $1.96, or 2.8 percent, to $73.05, and industrial and medical gas company Air Products and Chemicals gained $6.80, or 4.4 percent, to $161.39.

Drugstores, prescription drug distributors and pharmacy benefits managers sank after the St. Louis Post-Dispatch reported that Amazon has received wholesale pharmacy licenses in at least 12 states, the latest suggestion the company intends to enter that market. Investors in those companies fear that Amazon will slash prices and hurt their revenue.

Walgreens fell $2.25, or 3.2 percent, to $67.11. McKesson, which rose as much as 7.4 percent in early trading after its quarterly report, wound up with a loss of $7.84, or 5.2 percent, to $143.54. Pharmacy benefits management company Express Scripts shed $2.23, or 3.6 percent, to $58.93.

Amazon reported its third-quarter results after the close of trading. Its stock rose 8 percent in after-hours trading after its profit and sales surpassed analysts' estimates.

Benchmark U.S. crude added 46 cents to $52.64 a barrel in New York. Brent crude, used to price international oils, rose 86 cents, or 1.5 percent, to $59.30 a barrel in London.

Gold gave up $9.40 to $1,269.60 an ounce. Silver fell 11 cents to $16.81 an ounce. Copper lost 1 cent to $3.18 a pound.