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Merck Yanks Key Arthritis Drug
1Shares slid 27% to 33 after Merck halted Vioxx sales. It sees the move cutting 50-60 cents off '04 EPS; analysts had seen $3.14. Data showed Vioxx raised heart attack and stroke risks. The withdrawal casts a shadow on a class of drugs called Cox-2 inhibitors. But Pfizer stood by its arthritis drug Celebrex. More on this page
Oil Nears $50, Then Falls Back
2Crude for Nov. delivery rose as high as $50.10, boosted by Mideast and Nigeria concerns, and closed up 13 cents at $49.64. Prices fell in late-afternoon trading on news of talks between militants and gov't troops in oil-rich Nigeria and better-than-seen U.S. inventories. The Energy Dept. said crude oil reserves rose 3.4 mil barrels in the Sept. 24 week vs. a 9.1 mil drop the prior week.
Terrorists Kill 35 Children In Iraq
3A spate of bombs possibly timed to influence U.S. political debates wounded scores of others as U.S. troops handed out candy to kids at a just-opened sewage plant. Other attacks across Iraq brought total deaths to 51. Abu Musab al-Zarqawi's Tawhid and Jihad group claimed credit. Despite the violence, Iraqi interim P.M. Ayad Allawi said elections would go on in Jan.
Personal Spending Flat In Aug.