Human Genome Sciences Inc said its experimental lupus drug Benlysta eased symptoms in more than 43 percent of patients who took it in a clinical trial, paving the way for approval of the first new treatment for the disease in 50 years.
Oil prices rose more than $1 to top $78 a barrel on Monday as strong manufacturing data from the United States and China stoked optimism for a turnaround in the economy and in fuel demand.
U.S. stocks pushed mostly back into positive territory, but were off session highs late on Monday afternoon, as a sell-off in banking shares reversed the initial gains built on solid economic data.
U.S. President Barack Obama warned on Monday that more U.S. job losses lay ahead despite a turnaround in the economy, and he called for a new post bubble growth model with greater focus on U.S. exports.
Shares of BlackBerry maker Research In Motion fell more than 6 percent on Monday after an analyst told investors to sell the stock because of mounting competition from other smartphone makers.
The S&P 500 and the Nasdaq fell on Monday, with the market surrendering early gains, as investors fretted that the seven-month rally was running out of steam.
U.S. stocks turned negative on Monday as investors pulled back after pushing indexes up about 1 percent on better-than-expected data on manufacturing and pending home sales.
Cisco Systems Inc's quarterly results this week are expected to reflect some recovery in tech spending, but it may be hard to get investors to commit more money to a stock that is already up 40 percent this year.
Shares of BlackBerry maker Research In Motion fell more than 6 percent on Monday after an analyst told investors to sell the stock because of mounting competition from other smartphone makers.
U.S. President Barack Obama said on Monday that more U.S. jobs will be lost in coming weeks and months but stressed the economy has recovered a lot of ground since he took office in January.
Ford Motor Co posted a quarterly profit on Monday, defying Wall Street forecasts for a loss as it cut costs and gained market share, leading it to raise its 2011 outlook to solidly profitable from break-even.
U.S. stocks rose on Monday as stronger-than-expected data on manufacturing and pending home sales spurred broad-based gains following a sell-off at the end of last week.
Human Genome Sciences Inc said its experimental lupus drug Benlysta was successful in a late-stage clinical trial, paving the way for approval of the first new treatment for the disease in 50 years.
Iran wants more talks on a U.N.-drafted nuclear deal because it needs guarantees it will receive reactor fuel, a senior official said Monday, adding to doubts that a standoff with big powers can be ended soon.
A trip by Japan's foreign minister to Washington to try to soothe strained ties was up in the air on Monday as doubts simmered over whether a feud about a military base will be resolved before a visit by President Barack Obama.
CIT Group Inc's bankruptcy case was reassigned on Monday to U.S. Bankruptcy Judge Allan Gropper following the recusal of Judge Robert Gerber, who had been assigned the case hours earlier.
Republicans in the U.S. House of Representatives plan to offer an alternative to Democrats' massive healthcare reform bill that would not raise taxes or require people or businesses to buy health insurance, the House Republican leader said on Sunday.
A suspected Taliban suicide bomb killed at least 35 people in the Pakistani city of Rawalpindi on Monday, officials said, as the government announced a reward for the capture, dead or alive, of the group's leaders.
Fiat SpA's plans for Chrysler will scrap the U.S. automaker's long-held plans for its brands outside North America with the exception of Jeep, people with direct knowledge of the plan said.
U.S. stocks rose on Monday after U.S. factory activity grew more than forecast in October, alongside improved global manufacturing, and pending home sales increased unexpectedly.
U.S. manufacturing activity rose to its highest level in 3-1/2 years last month and pending home sales contracts unexpectedly surged in September, offering hope the budding economic recovery would be sustained.
The key number in next year's U.S. congressional election may be the unemployment rate, which last month hit a 26-year high of 9.8 percent.
