Tuesday's Bloomberg Market Report

By: Gina Gusovsky Email
By: Gina Gusovsky Email
  • DJ Industrials: Down 55.44 to 13,328.85
  • S&P 500: Down 4.74 to 1,457.15
  • NASDAQ: Down 7.01 to 3,091.81

Here are the headlines for Tuesday's Bloomberg Market Report.

The world's biggest biotech company is pouring millions into developing new drugs to fight cancer. Amgen announced it will spend as much as $180 million for the right to develop medications using nano-technology from Bind Biosciences. The two companies will share pre-clinical development of the drugs, which are meant to target and block enzymes associated with cancer.

Federal regulators say Johnson and Johnson's new diabetes pill may carry heart risks; potentially delaying the drug's market release. An FDA panel will meet Thursday to make recommendations on the medication.

Stocks retreated for the second day as investors awaited the start of the corporate earnings season, which began after the bell Tuesday.

There is some positive news on the job outlook for retail workers. Research firm Ibis World says that after slashing more than 140,000 jobs over the last five years, the retail industry is projected to add nearly 770,000 positions through 2017.

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