U.S. stocks traded mixed today, pushed down by pharmaceuticals after President Obama spoke to legislators about selecting a voting date for healthcare reform. Drugmaker Pfizer, was particularly hard hit after a potentially blockbuster Alzheimer’s drug failed to meet expectations in the late-stage testing. Shares of the company fell 28 cents of 1.6 percent to 17.32
Rival Merck also declined by 18 cents or 0.5 percent to $37.21. Despite these losses some were encouraged early in the day by new employment reports that indicated only 20,000 jobs were cut for February. That is a 60 percent improvement on the 60-plus thousand jobs lost the month earlier. A Fed Beige Book report released today indicated job growth is unlikely for the time being; however, there is slow positive economic growth.
On the mixed news, the Dow Jones Industrial Average slipped 9.22 points, or 0.09 percent, to 10396.76.
The Nasdaq Composite declined only 0.11, or 0.005 percent, to 2280.68 while the Standard & Poor's 500, pushed up my materials, made narrow gains of 0.48 or 0.04 percent, to close at 1118.79.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
