Stocks Moderately Higher on Light News
Stocks inched higher on Tuesday, as traders search for clues in
Fed Chief Bernanke’s speech today about the possibility of a rate
cut this week. Yesterday, two Fed Presidents commented on the U.S.
economy, most of it negative. The market has priced in a
quarter-point rate cut.
The major indexes were moderately higher going into the
afternoon.
Drug makers ImClone
(
IMCL |
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PowerRating) and Bristol-Meyers
(
BMY |
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PowerRating) announced positive trial results for their new lung
cancer drug (full
story).
Bear Stearns
(
BSC |
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PowerRating) upgraded Western Digital
(
WDC |
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Chart |
News |
PowerRating)
to Outperform from Peer Perform today (full
story).
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