Banks, tech companies help lift stocks higher

Associated Press

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.

The European Central Bank said Thursday it will begin gradually reducing the bond purchases it’s been making to strengthen the regional economy. Investors were glad the bank isn’t being more aggressive. The euro weakened and European stock indexes jumped. Technology companies recovered some of the ground they lost a day ago, and banks and credit- card companies jumped as bond yields continued to climb.

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.

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 after its profit and sales surpassed analysts’ estimates.