The Day In Review: Oil Slide Sends Biotech Higher

April 29, 2005 -- Stock markets closed out a dismal month of trading with a very strong rally. Late in the session, crude oil dropped more than $2, moving below the psychologically significant $50 level, and sending stocks dramatically higher. The Centient Biotech 200 moved from negative territory to ultimately gain 32.5 points, closing at 3179.30, a rise of 1.03%. Amylin and Lilly won FDA approval for their diabetes drug, Seattle Genetics will target a cancer tumor for MedImmune, the FDA has scheduled a hearing for BiDil, the cardiovascular drug for African-Americans from NitroMed, the SEC will look at Biogen Idec for trading stock before the Tysabri information was released, and Lilly stopped a test of its sepsis drug. More details...