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Business Title: U.S. Stocks Rise as Drug Shares Rally [Broadbased] After House OKs Overhaul March 22 (Bloomberg) -- U.S. stocks gained, erasing an early decline, as drugmakers rallied after the House of Representatives passed an overhaul of the industry. Merck & Co. and Pfizer Inc. climbed more than 1.7 percent to help lead health-care companies to the biggest gain among 10 groups in the Standard & Poor’s 500 Index after the House approved legislation that will ensure tens of millions of uninsured Americans will get medical coverage. Boeing Co. advanced more than 2 percent to lead gains in the Dow Jones Industrial Average on analyst upgrades. “The health-care legislation approval removes the uncertainty,” said Richard Sichel, chief investment officer at the Philadelphia Trust Co., which manages $1.4 billion. “On top of that, the shares had been beaten down, so you can find reasonably valued companies.” The S&P 500 increased 0.3 percent to 1,163.66 at 10:59 a.m. in New York, erasing an earlier 0.6 percent retreat. The Dow average climbed 39.3 points, or 0.4 percent, to 10,781.28. U.S. stocks retreated at the start of trading amid concern growing government deficits around the world and rising interest rates will derail the global economy. Advanced economies face “acute” challenges in tackling high public debt, and unwinding existing stimulus measures won’t come close to bringing deficits back to prudent levels, John Lipsky, first deputy managing director of the International Monetary Fund, said in a speech yesterday at the China Development Forum in Beijing. Interest Rate Watch The Reserve Bank of India raised its benchmark rates after local financial markets closed on March 19, a month earlier than the next scheduled review, to tame the fastest inflation in more than a year. Policy makers in Australia and Malaysia have also increased rates since the end of February, while China has ordered lenders to set aside more funds as reserves. Health-care stocks jumped more than 1.1 percent as a group and contributed to more than 40 percent of the S&P 500’s move, according to Bloomberg data. Tenet Healthcare Corp. had the biggest gain in the S&P 500, surging 6 percent to $6.10. Pfizer and Merck rose at least 1.8 percent. House Democrats approved a Senate bill passed in December and then voted 220-211 to pass a measure that would amend the Senate legislation to fix provisions they don’t like. The Senate must also pass this second bill. The two bills together will cost $940 billion over 10 years and cover 32 million uninsured Americans, the Congressional Budget Office estimated. ‘Overhang’ Removed The approval of the legislation will remove a significant “overhang” from the industry and will be viewed positively, Credit Suisse Group AG analyst Ralph Giacobbe wrote in a note today. Health-care companies will have higher valuations as investors “rotate” back into the stocks, analyst Charles Boorady at Citigroup Inc. said in a note. Medtronic Inc. rose 2.8 percent to $46.05. The biggest maker of heart-rhythm devices won a U.S. panel’s backing on March 19 to introduce the nation’s first heart pacemaker designed to be used safely by patients undergoing magnetic resonance imaging exams. Boeing Co. rose the most in the Dow Jones Industrial Average, gaining 2.3 percent to $72.37. The world’s second- largest commercial planemaker was raised to “outperform” at Oppenheimer & Co. and Cowen & Co. GameStop Corp. jumped 3.3 percent to $21.80. The largest U.S. video-game retailer may rise to $30 during the next year as growth in its used video-game business boosts profit, Barron’s reported yesterday, citing Ross Margolies of Stelliam Investment Management in New York. Genuine Parts Co. rose 3.4 percent to $43.03. The operator of NAPA auto-parts stores was raised to “buy” from “neutral” by Goldman Sachs Group Inc. Novell Inc. advanced 3.6 percent to $5.84. The maker of Linux operating-system software said yesterday a $5.75-a-share acquisition offer from Elliott Associates LP is “inadequate” and undervalues the company.
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#1. To: war (#0)
Of course they'll rise (duh!). Obama cut a deal with Big Pharma to help pass his scam. Now they're going to get paid. The best government money can buy!
Goldi-Lox: You're one dumb-fucking bitch.
What deal? More customers?
Day 29 of Packrat refusing to register here. Day 27 of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
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