Lower Close As Consumer Borrowing Rises
The markets closed lower with the Dow losing 19 points to 12,070 as consumer borrowing increased in April. Nasdaq slipped a point to 2701.
On the upside
Ariad Pharmaceuticals (Nasdaq: ARIA) and Merck & Co. (NYSE: MRK) may be a reported upbeat results yesterday from a clinical trial of their cancer treatment ridaforolimus.
Elan (NYSE: ELN) presented at the Jefferies 2011 Global Healthcare Conference this morning.
FriendFinder Networks (Nasdaq: FFN) narrowed first quarter losses.
On the downside
The lockup period expired for E-Commerce China Dangdang (NYSE: DANG) and Youku.com (NYSE: YOKU).
FuelCell Energy (Nasdaq: FCEL) widened second quarter losses.
Investors took profits on OxiGene (Nasdaq: OXGN) whose shares rose yesterday after reporting positive trial results for its lung cancer treatment Zybrestat over the weekend.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 797.
