The Day In Review: Fed Puts The Kabosh On Stocks

March 22, 2005 – Today, the Fed threw a considerable monkey wrench into the creaking bull market machinery. For the first time, the central bank mentioned the inflationary pressures on the economy. That transformed a solid market rise into an equally solid decline. Biotech followed suit. At the end of trading, the Centient Biotech 200 was 26.12 points lower, closing at 3182.63. Theravance announced another partnership with Glaxo, Cambridge Antibody gave up on Trabio after it failed a second Phase III trial, J&J's congestive heart failure drug, Natrecor, may cause more liver problems than previously thought, ID Biomedical reported positive Phase I data for another vaccine, and CytRx completed enrollment in a Phase I test of its HIV vaccine. More details...