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    September 6, 2007

    Retailers higher in New York

    Filed under: ExxonMobil, ConocoPhillips, Valero Energy, Wal-Mart, Administaff, Merck, Target, JC Penney, Biogen Idec

    The New York markets were up in early afternoon trade.

    The Dow Jones Industrial Average was 0.52 percent higher to 13,374.73, while the Nasdaq Composite had added 0.23 percent to 2,612.03 and the S&P 500 was 0.33 percent higher to 1,477.21.

    Retailers were higher after Wal-Mart (NYSE: WMT), JC Penney (NYSE: JCP), and Target (NYSE: TGT) all said sales were higher than had been expected.

    Wal-Mart added 1 percent to $42.86, while JC Penney gained 0.64 percent to $65.99 and Target was 2.13 percent higher to $63.20.

    The pharmaceuticals/biotechnology sector was up on new figures and a court ruling.

    Merck (NYSE: MRK) added 2.2 percent to $50.50 after the New Jersey Supreme Court reversed a lower court ruling that allowed insurers looking for reimbursement for past spending on Vioxx to claim class-action status.

    Meanwhile Biogen Idec (NAS: BIIB) was 7 percent higher to $67.26 on a long-term earnings forecast that was higher than analysts had anticipated.

    The oil sector was mixed even though crude oil prices were higher. ExxonMobil (NYSE: XOM) added 1 percent to $88.07 and ConocoPhillips was up 1.8 percent to $83.62, but Valero Energy (NYSE: VLO) dropped 1.25 percent to $70.09 a day after it said it would raise capital spending in order to make improvements at several refineries in the United States and Canada.





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