The Nasdaq 100 index rose Tuesday as shares of biopharmaceutical company Celgene Corp. advanced after competitor SuperGen Inc.'s bone marrow cancer drug Dacogen failed a late-stage European study.
Shares of Celgene rose $5.39, or 8.4 percent, to $69.26, as Celgene makes a rival drug, Vidaza.
Citi Investment Research analyst Yaron Werber said the results are positive for Celgene and will help Vidaza take a bigger share of the U.S. market in myelodysplastic syndrome, a bone marrow stem cell disorder.
The Nasdaq 100, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, gained 25.62 points, or 1.4 percent, to 1,862.91. The broader Nasdaq composite gained 11.99 points to 2,304.97.
Shares of Petsmart Inc. rose $1.31, or 6.6 percent, to $21.26, as an analyst predicted market share gains for the pet products retailer.
Shares of biotech company Biogen Idec Inc. rose $3.45, or 6.2 percent, to $59.34.
On the falling side, shares of United Airlines operator UAL Corp. slipped 62 cents, or 11.9 percent, to $4.60 as the price of oil continued to rise. Fuel is one of an airlines' biggest operating costs.
Earlier in the session, shares touched a 52-week low of $4.44, as the price of oil rose.
Shares of SanDisk Corp. declined with chip stocks, losing $1.08, or 5.8 percent, to $17.62, and the stock hit a 52-week low of $17.18.
Shares of Monster Worldwide Inc., which operates an online job Web site, declined $1.12, or 5.4 percent, to $19.49 after a Deutsche Bank analyst expressed concern about the number of job postings on the site. Shares set a 52-week low of $19.10.
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