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Bluefield Daily Telegraph in Bluefield, West Virginia

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Newspaper

Bluefield Daily Telegraph

Location

Bluefield, West Virginia, United States of America

Date

Dec 17, 2008

Page

12

Fed slashes rates and pledges broad support boosts stocks

New York AP A surprised Wall Street leaped after the Federal Reserve cut its benchmark rate to zero to 0.25 and pledged tools to revive the economy. Dow rose 359.61 points to 8,924.14. S&P 500 up 44.61. Nasdaq up 81.55. bond yields fell to record lows. Investors cheered the Fed balance sheet expansion and government debt purchases.

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Regulators accuse Ovation of monopoly on baby defect drugs

The FTC alleges Illinois firm Ovation Pharmaceuticals bought the only two drugs for patent ductus arteriosus in premature infants and raised prices from $36 to about $500 per vial. It bought Indocin in 2005 and NeoProfen in 2006, then faced no effective competition, prompting costly widespread impacts.

Washington Federal Trade Commission Ovation Pharmaceuticals Inc Ovation FTC Jon Leibowitz Deerfield Minneapolis Commission Food and Drug Administration Merck and Co Merck U.S Abbot Laboratories Inc

Oil slips as Saudi sinks price with promised cuts

Oil futures eased after Saudi Arabia signaled a roughly 2 million barrel per day production cut to halt price declines. OPEC warned of further cuts while markets priced in a larger move, even as the Fed lowered its target rate to a record low to combat a deepening recession.

OPEC Saudi Arabia Phil Flynn Alaron Trading Corp Federal Reserve Federal U.S New York Mercantile Exchange Stephen Schork Schork Ali Naimi Organization of Petroleum Exporting Countries Tom Kloza Oil Price Information Service Kloza MasterCard Peter Beutel Cameron Hanover MasterCard Payments Network Labor Department Venezuela Rafael Ramirez Gerard Burg ICE Futures Exchange

Also Mentioned on This Page

the Market IN Review NYSE Daiy Dow Jones Dow Jones Northern Trust Chicago Bruce McCain Key Private Cleveland Jack A. Ablin Harris Private Bank
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