Stocks Bump Up Slightly After Fed Meeting Minutes Released; Pfizer Purchases King Pharm (PFE, KG)

Stock markets edged upward in the late trade after hovering in negative territory most of the day. The push forward can be attributed to the release of minutes from the Federal Reserve meeting September 21 exposing the possibility of easing monetary polcies to stimulate the economy. In corporate news, Pfizer (PFE) agrees to buy King Pharmaceuticals (KG) for $3.6 billion. Intel (INTC) reported better than expected earnings, the second major company to beat the street in a week, after Alcoa (AA). In tech news, Google (GOOG) announced a decision to invest $5 billion into an east coast off shore wind grid. The Dow finished 10.06 above yesterday’s close to 11,020.40. The Nasdaq followed with an increase of 15.59 points to 2,417.92, and the S&P 500 gained 4.45 points to end at 1,169.77. Yeild on 10yr treasuries increased 0.41% to 2.422%. Gold slipped slightly on the day, down $7.60 to $1,345.70. Crude oil did the same, down $0.52 to $81.69.

Word on the Street

• The minutes from the Federal Reserve meeting September 21 detail the willingness to ease monetary pressure “before long.”
• The Obama Administration denies public outcry to extend the foreclosure halts nationwide on fears it could further hurt the housing market recovery.
• Pfizer (PFE) agrees to purchase King Pharmaceuticals (KG), paying a whopping 40% premium to acquire the drug manufacturer.
• Intel (INTC) achieves better than expected earnings causing shares to increase just slightly on the day.
• General Motors offers stock to employees, retirees, and car dealers for their IPO expected mid-November.
• Google (GOOG) throws its eggs in the basket of offshore wind grid project – the first of it’s kind in the United States, and a continued departure from the tech giant’s core competencies.
• Gap, Inc. (GPS) replaces new logo with old after consumers overwhelmingly negative reactions.
• Oil prices fell below $82 after OPEC leaves supply projections unchanged and speculation that overall supply is at a three month high.
• Safe haven stock JM Smucker (SJM) has maintained it’s value through economic turmoil, but where does it land if the recovery continues on track?

Interesting Tidbits

• Have you considered carpooling to in an attempt to be more green, or save some green? Here’s an estimation of what you will save and what you’ll have to sacrifice.
• Feel the need to make a statement with your headphones? Here’s 10 fashionable options for your ear plugs.
• Sometimes it’s not easy to recognize a marketing tactic – check out these 10 words added onto labels that allow the producer to charge a higher price – and get away with it.

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