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Stock Market Rally Regains Strength
1The Nasdaq surged 2.4% on Friday, capping a solid week in which stocks marched higher in rising volume. Chips helped drive broad gains, as the Philadelphia semiconductor index rallied 5.1% for the week. More top-rated stocks broke out after the market weathered as many as four heavy sell-offs from Sept. 3 to Sept. 22.
Crude Closes Above $50
2Supply fears over unrest in Nigeria drove near-term oil futures to a record close of $50.12, up 48 cents Friday and up $1.24 for the week. Crude fell Wednesday after the Energy Information Agency said U.S. stockpiles rose 3.4 mil barrels last week, ending an 8-week string of declines. Supply disruptions from hurricanes and Mideast violence kept pressure on prices.
Merck Yanks Key Drug
3Shares of the Dow component slid 27% to 33 after Merck halted Vioxx sales on Thursday. It sees the move cutting 50-60 cents off '04 EPS; analysts had seen $3.14. Data showed arthritis pain reliever 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.
Post-Debate Posturing