Drug stock selloff sinks blue chips
NEW YORK - A selloff in shares of big drug companies dragged down blue-chip stocks Wednesday.
The Dow Jones industrial average closed down 71.06 at 10,905.83. The Nasdaq composite index was up 4.95 at 3,853.50.
Advancing issues narrowly outnumbered decliners on the New York Stock Exchange, where volume came to 1.05 billion shares.
Firm recalling toddler walkers
Massachusetts-based Safety 1st Inc. is voluntarily recalling 170,000 Mobile "4 Wheelin" Walkers because the model's small parts are a choking hazard and its three-spoke steering wheel can damage teeth.
The company has received 44 reports of buttons coming loose on the model's play telephone. The company also said six babies lost their lower front teeth after getting them caught in the steering wheel.
The walkers, which are shaped like automobiles, retailed for $50 between April 1998 and April 1999. Those owning one should stop using it immediately and call Safety 1st at (800) 964-8489 for free replacement parts.
SEC eyes selective-disclosure ban
WASHINGTON - A new proposal being considered by the Securities and Exchange Commission today would ban the tradition of company officials disclosing information to selected Wall Street analysts and big investors before making it public.
If a company discovers that it has unintentionally disclosed significant information selectively, it would have to make the information public within 24 hours. Companies found to have violated the proposed rule would be subject to civil injunctions and/or fines.