For once, it was not rising oil prices, but a DOW component - drug giant Merck - that dominated headlines. Merck’s stock price took a big hit (which wiped $28 billion from its market capitalization) when it announced a recall for an arthritis drug - a move that will certainly hurt its earnings outlook.

A variety of (mixed) economic reports had little impact on the market. Among the reports were the September Chicago PMI numbers, August Personal Income & Spending data, and weekly jobless claims.

© HGH Associated Press

News Archive (from 6/30/2004 until 9/30/2004)