U.S. stocks post huge gains
NEW YORK, Oct. 19 (UPI) -- Falling oil prices sent U.S. stocks sharply higher Wednesday on all major indexes.
The Dow Jones industrial average jumped 128.87 or 1.25 percent to 10,414.13 on unusually heavy trading volume of 1.7 billion shares. The Nasdaq composite soared 35.24 or 1.71 percent to 2,091.24, and the Standard & Poor's 500 climbed 17.61 or 1.49 percent or 1,195.75.
Crude oil fell to $62.41 per barrel, and the Fed's Beige Book report did not add to current fears of inflation.
The benchmark 10-year Treasury gained 2/32, or 63 cents for each $1,000 invested, to yield 4.465 percent.
The dollar rose to 115.63 yen from 115.62, but the euro edged up to $1.1963 from $1.1962.
Tokyo's Nikkei 225 closed at 1,3129.49 after sliding 222.75 or 1.67 percent, and London's FTSE 100 settled at 5,196.60 after declining 67.30 or 1.28 percent.
Indian company challenges Nexium
WASHINGTON, Oct. 19 (UPI) -- India's Ranbaxy Laboratories Ltd. is seeking U.S. government approval to make a version of Nexium, AstraZeneca PLC's blockbuster ulcer drug.
Ranbaxy asked the Food and Drug Administration for permission to sell the drug, the Economic Times reported Wednesday.
AstraZeneca, a British company, posted a message on its Web site that it had received notice of Ranbaxy's petition to the FDA about marketing 20- and 40-milligram capsules of esomeprazole magnesium, as Nexium also is known.
Spain hopes for end to truckers' strike
MADRID, Oct. 19 (UPI) -- The Spanish truckers union and the federal government agreed on a tax cut that is expected to end a three-day old strike.
The strike -- involving 34,000 transport companies and 150,000 trucks that transport about 60 percent of the nation's road cargo -- began after regional authorities levied a motor fuel tax, EFE reported Wednesday.
While the union and Madrid agreed on cutting the motor fuel tax, it was not immediately clear if all regional authorities would go along. If those authorities resist cutting the tax, the strike may continue.
While the strike has affected food deliveries, it has more severely hit the auto industry. Peugeot-Citroen and Mercedes were forced to stop shipment of cars from Spanish plants.
Air New Zealand outsourcing work
WELLINGTON, New Zealand, Oct. 19 (UPI) -- Air New Zealand expects to lay off as many as 600 employees next year after outsourcing heavy maintenance jobs.
The cuts are part of the carrier's plan to cut $100 million from operation costs this year, the Wellington Dominion Post reported Wednesday.
Air New Zealand, which faces rising costs and increasing competition, has increased its fuel surcharge four times since May 2004 because of rising jet fuel costs. Fuel expenses comprise about 30 percent of the airline's costs, up from 20 percent a year ago.
