Health-care companies rose as traders rotated into high-risk areas such as biotechnology.

Moderna shares rose 9% as a breakthrough in skin-cancer vaccines, divulged earlier this week, continued to stoke investor excitement. Merck, Moderna's partner on the melanoma product, also gained.

The iShares Biotechnology exchange-traded fund, a basket of major biotech companies, rose by more than 2%, closing at an all-time high.