Finance Markets

December 8, 2006

S&P 500 hits highest level since 2001

Permalink: S&P 500 hits highest level since 2001

Filed under: Equities, Economy, US

Wall Street was up at midday on Friday and seemed headed for gains on the week as well. The Dow Jones Industrial Average was 0.3 percent higher on the session so far and up 1 percent on the week to 12,315.34, while the Nasdaq Composite had added 0.6 percent on the session and 1.2 percent for the week to 2,442.48 and the S&P 500 was up 0.3 percent on the day and 1.1 percent on the week to 1,411.46, its highest level since late in 2001.

Ford dropped 11.7 percent on the week to $7.10 on fears that the convertible bonds it sold this week could dilute the value of existing shares some time in the future.

The pharmaceuticals sector was active over the week, with mixed outcomes based largely on the results of drug trials. Pfizer dropped 9.8 percent to $25.13 after it halted development of a cholesterol drug due to harmful side effects. Auxillium Pharmaceuticals fell 13.8 percent to $14.35 after it stopped a clinical trial in its late stages, and Onyx Pharmaceuticals was 29.5 percent lower to $12.34 after a kidney cancer drug proved ineffective in treating advanced skin cancer.

On the other hand, Vanda Pharmaceuticals added 70.6 percent to $25.75 after a new schizophrenia drug proved to be effective in trials. Likewise, Halozyme Therapeutics gained 119 percent to $6.24 on an agreement to do research in tandem with Roche.



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