Stocks closed mostly higher in New York yesterday after a bidding war over Warner-Lambert enlivened the drug sector and financial shares rose on the latest sign that inflation is under control.
Advancing issues outnumbered decliners by a 10-to-nine margin on the New York Stock Exchange, with 1,598 up, 1,471 down and 497 unchanged.
NYSE volume totalled 970.71 million shares, against 900.90 million in the previous session.
The Russell 2000 index of smaller companies rose 1.44 to 439.90.
Investors focused on drug stocks for a second day after Pfizer made a surprise bid to acquire Warner-Lambert for $82.4 billion (€78.84). Yesterday Warner-Lambert and American Home Products confirmed plans to merge in a $71 billion (€67.93) deal.
Pfizer and American Home Products fell, while Warner-Lambert soared in afternoon trading. Financial stocks also rose amid a growing sense that US inflation remained under control.
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