Stocks Rise, Treasury Proposes Broad Changes to Financial System
Stocks halted a three day slide, boosted by declining oil prices and the Treasury Department’s proposed changes to the U.S. financial system. Today’s action brought the first quarter to a close, with all three of the major indices posting large quarterly losses.
The Dow rose +46.49 , the Nasdaq Composite +17.92, and the S&P 500 +7.48.
Merck
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PowerRating) lost 14.7% and Schering-Plough
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PowerRating) plunged 26% after a panel of experts urged doctors to cut prescriptions of Vytorin and Zetia, their jointly marketed cholesterol drugs.
Financial stocks rose following the release of the Treasury’s proposals, with gains for AIG, Citigroup, JPMorgan Chase, Merrill Lynch, Morgan Stanley and others.
Cal-Maine Foods
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PowerRating) dropped 11.8%, despite reporting earnings that more than tripled from a year ago.
Crude oil fell more than $4 to close at $101.58, with traders citing the slowing economy as likely to reduce demand.
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