Pfizer(PFE Quote) didn't play its usual safe, defensive role in the stock market Monday. Instead, the pharmaceutical company's stock was the blood-red splotch on mostly green trading screens across Wall Street.
Pfizer's shares fell 10.6% on news the company halted research on its cholesterol drug torcetrapib, a move that sparked several analyst downgrades. Nevertheless, the S&P 500 closed at a new high for the year, up 0.9% to 1409.12. The Dow Jones Industrial Average gained 0.7% to close at 12,283.85, with all of its components gaining ground, save Pfizer and Merck(MRK Quote), which slid 0.8%. The Nasdaq Composite was up 1.5% to close at 2448.39 Monday.
Without any economic data Monday, the markets gravitated to their instinctive paths -- up for stocks, down for bond yields. The stock market shrugged off last week's dollar woes as another swath of merger and acquisition activity sparked buying once again. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,087.27 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
23.36
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-2.10%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
Connect with TheStreet