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October 12, 2008 10:32:11 AM CDT

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Pharma, Tech Kill Early Gains

Posted Jul 21, 08 3:40 PM CDT in Business 

(Newser) – The markets failed to hold on to early-session gains today as oil rose above $131 per barrel and the overall economic outlook remained downcast, MarketWatch reports. The Dow lost 29.23 points to close at 11,467.34, the Nasdaq fell 3.25 to 2,279.53, and the S&P 500 dropped just 0.68, settling at 1,260.00.

Bank of America advanced after reporting a 41% decline in profits that nonetheless bested expectations. Pharmaceutical giant Merck saw today’s biggest fall, 6.2%, after a Norwegian report discredited cholesterol drug Vytorin. The tech sector remained moribund in the wake of last week’s poor results from Google, AMD, and Microsoft. “We could probably go a few more weeks like this before we get a true round of capitulation in August,” one analyst said.

Sources MarketWatch, Wall Street Journal

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Schering-Plough Corp provided this undated file photo of the cholesterol-lowering drug Vytorin a product of a joint venture between pharmaceutical companies Merck & Co., and Schering-Plough Corp. Drugmakers...   (AP Photo)
A person walks past a Bank of America ATM in Charlotte, N.C., Friday, July 18, 2008. Bank of America says its second-quarter profit fell 41 percent, as credit quality continued to weaken.   (AP Photo/Chuck Burton)
Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Edouard H.R. Gluck)
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Google  • Dow Jones  • S&P 500  • Nasdaq  • Bank of America  • pharmaceutical companies  • Merck  • Schering Plough


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