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US Stocks Up; Pfizer,IAC/InterActive Gain
By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks gained strength on Tuesday, getting a boost from Pfizer Inc. (PFE.N: Quote , Profile , Research ) , after investor fears of the withdrawal of its arthritis drug Celebrex were calmed, while IAC/InterActive Corp.'s (IACI.O: Quote , Profile , Research ) helped fuel the tech-heavy Nasdaq. As confusion over the safety of several big-selling painkillers increases following a study showing the popular drug naproxen raised the risk of heart attack and stroke in Alzheimer's patients, Pfizer could benefit, analysts said. Pfizer's shares rose 3.3 percent to $25.09 as investors became even less concerned that the U.S. Food and Drug Administration will force Pfizer to withdraw its arthritis drug Celebrex, which was shown in a recent cancer-prevention trial to increase the rate of heart risk when the drug was taken at high doses. IAC/InterActive jumped 8 percent to $27.93 after the company, which is dominated by its portfolio of Web travel sites but also has a variety of social networking, personal finance and shopping sites, said it will spin off online travel service Expedia.com and related businesses into a company called Expedia. The Dow Jones industrial average was up 67.32 points, or 0.63 percent, at 10,728.92. The Standard & Poor's 500 Index was up 5.80 points, or 0.49 percent, at 1,200.46. The technology-laced Nasdaq Composite Index was up 12.96 points, or 0.61 percent, at 2,140.81. "We are into the holiday week period and the markets would have been flat if it hadn't been news from Pfizer and IAC/InterActive," said Jay Finkel, senior
equity trader at Lord Abbett. In earnings news, investment banks Morgan Stanley (MWD.N: Quote , Profile , Research ) and Bear Stearns Cos. Inc. (BSC.N: Quote , Profile , Research ) reported better-than-expected earnings. But Morgan Stanley fell 19 cents to $53.46 as it posted disappointing revenue. Bear Stearns fell 2 percent to $102.40, which analysts plugged to profit taking following the stock's run-up. Oil prices were flat as milder weather in the immediate term eased concerns about thin fuel stocks, but worries about possible supply disruption in the Middle East and Russia limited selling. U.S. light crude (CLc1: Quote , Profile , Research ) fell 10 cents at $45.68 a barrel. Shares in Silicon Storage Technology (SSTI.O: Quote , Profile , Research ) fell nearly 15 percent to $5.98 a day after the flash memory company said its fourth-quarter revenue would fall below expectations.
Source: reuters.com