A rise in biotech stocks partially offset a fall in energy shares. This comes ahead of Fed chair Janet Yellen's speech later this week as Fred Katayama reports.
A mixed day Monday on Wall Street. Falling oil prices partially offset a rally in biotech stocks. Crude prices declined sharply amid concerns over rising Chinese fuel exports and U.S. oil rig counts. That pressured oil stocks. This comes ahead of Federal Reserve chair Janet Yellen's speech this week. Wunderlich Securities' Art Hogan: SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES, (ENGLISH) SPEAKING: "We're in a wait-and-see mode for any messaging we might get from Janet Yellen and her position on both the economy and monetary policy. So when that happens, you tend to have unusual action, you know, very quiet action." Medivation shares soared on news Pfizer is buying the cancer drug maker for about $14 billion. The move comes four months after Pfizer abandoned its deal to acquire Allergan. The largest proposed foreign acquisition by a Chinese company got the green light. A U.S. national security regulator approved ChemChina's $43 billion takeover of the Swiss seeds group, Syngenta. Shares of Valeant got a lift after the embattled Canadian drugmaker named a new chief financial officer. Over in Europe, a drop in oil and energy shares pulled the major indexes lower.