(Source: United Press International)
U.S. markets turn lower NEW YORK, April 23 (UPI) -- U.S. markets turned lower Thursday after the Labor Department said first time jobless claims jumped by 27,000 in the week ending April 11.
Earnings reports continue to hit markets sideways. Hershey Co. said profits rose 20 percent in the first quarter. United Parcel Service Inc. reported a 56 percent profit decline in its first quarter.
In late morning, the Dow Jones industrial average lost 51.53 points, or 0.65 percent, to 7,835.04. The Standard & Poor's 500 fell 0.43 percent, 4.09 points, to 839.46. The Nasdaq composite index shed 11.26 points, 0.68 percent, to 1,634.86.
The benchmark 10-year U.S. Treasury bond fell 2/32 to yield 2.953 percent.
The euro rose to $1.3024, compared to Wednesday's $1.2996. Against the Japanese yen, the dollar rose to 98.09 yen, compared to Wednesday's 98.03 yen.
In Tokyo, the Nikkei average rose 1.37 percent, 119.71 points to 8,847.01.
Drug pricing steps boldly toward outcomes NEW YORK, April 23 (UPI) -- An emerging trend in drug pricing that relies on patient outcomes allows for greater drug company accountability, a U.S. pharmaceutical consultant said.
"We're going to see a growth in outcomes guarantees for pharmaceuticals, and it's very healthy," consultant Robert Seidman told The New York Times.
With an approach to pricing that is radical for the United States, drugmaker Merck is forging a deal with insurance company Cigna to price two diabetes medicines based in part on how well patients control their blood sugar, The Times reported Thursday.
Procter & Gamble and Sanofi-Aventis, which together market osteoporosis drug Actonel, agreed a week ago to reimburse insurance company Health Alliance if compliant patients -- patients who adhere to their prescription regime -- suffer a non-spinal bone fracture while taking the medicine.
"We're standing behind our product," said Dan Hecht at Procter & Gamble. "We're willing to put our money where our mouth is."
Outcome-based deals could lower the cost of the medicine and take pressure off of doctors to take patients off of drugs that come with a guarantee, The Times said.
Survey: Canadian consumer confidence up TORONTO, April 23 (UPI) -- A survey of Canadian consumers published in Toronto Thursday indicates confidence in the economy has increased more than 7 percent since last month.
The TNS Canadian Facts' Consumer Confidence Index, based on telephone interviews with 1,015 adults last week, rose from 83.7 to 90.5, the company release said.
Dr.
