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Updated from 4:10 p.m. EST
Corporate dealmaking powered an advance in stocks Monday and overcame news that Pfizer (PFE Quote) would stop work on its most promising drug.
The Dow Jones Industrial Average rose 89.72 points, or 0.74%, to 12,283.85, supported by gains of 2.3% in IBM (IBM Quote) and American Express (AXP Quote).
Notably absent from the rally was Pfizer. Shares the world's biggest drugmaker slumped $2.96, or 10.6%, to close at $24.90 after the company said this weekend that it will end development on torcetrapib, a cholesterol fighter that had been seen as the successor to Lipitor. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
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