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Market Update : 
Reuters Backs $17.2 B Offer from Thomson
Author: Elena Todorova
123jump.com
Last Update: 11:24 AM EDT May 15 2007

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Biotech company Amgen dropped 5%, dragging both the Nasdaq and the S&P 500 index down after Medicare proposed limiting payments for its anemia drugs in response to safety concerns. On the positive side, Boeing shares rose 1.5%, while shares of General Electric climbed 1.1%. Both industrial conglomerates advanced on optimism thart the Fed Reserve will cut interest rates in the near future to boost slowing economy.

 
Currencies

The U.S. dollar was mixed against other major currencies in European trading Tuesday morning. The euro traded at $1.3533, down from $1.3541 late Monday in New York. The British pound traded at $1.9758, up from $1.9732. The dollar fetched 120.41 Japanese yen, up from 120.29.
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