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Express Scripts 2Q profit falls 49 percent

ST. LOUIS (AP) â¿¿ Express Scripts says its earnings fell 49 percent in the pharmacy benefits manager's second quarter, as it wrapped up its $29 billion acquisition of competitor Medco Health Solutions.

The St. Louis company earned $170.9 million, or 21 cents per share, in the three months that ended June 30. That compares to earnings of $334.2 million, or 66 cents per share, in last year's second quarter. Revenue more than doubled to $27.69 billion with the acquisition.

Excluding acquisition costs, the company would have earned 88 cents per share.

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Experts: Calif refinery fire will boost gas prices

RICHMOND, Calif. (AP) â¿¿ A major fire at one of the country's biggest oil refineries that sent scores of people to hospitals with complaints of breathing problems will push gas prices above $4 a gallon on the West Coast, analysts said Tuesday.

The fire, which sent plumes of black smoke over the San Francisco Bay area, erupted Monday evening in the massive Chevron refinery about 10 miles northeast of San Francisco. It was out early Tuesday, although officials were still conducting a controlled burn.

California's average price Tuesday for a gallon of regular gasoline was at $3.86.

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By The Associated Press(equals)

The Dow Jones industrial average rose 51.09 points to 13,168.60. The Standard & Poor's 500 index rose 7.12 points to close at 1,401.35. The Nasdaq rose 25.95 points to 3,015.86.

In New York, benchmark U.S. crude increased $1.47 to finish at $93.67 per barrel. Brent crude, which is used to price international varieties of oil, rose $2.45, or 2.2 percent, to end at $112 per barrel, in London.

Wholesale gasoline rose 6.91 cents to finish at $2.9913 per gallon. Heating oil rose 5.71 cents to end at $2.9980 per gallon. Natural gas rose 5.6 cents to finish at $2.9640 per 1,000 cubic feet.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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