NEW YORK -- A downward revision of U.S. economic growth in the third quarter sent stocks lower Tuesday.
Higher borrowing costs for Spain also renewed worries about Europe's debt crisis.
--The Dow Jones industrial average lost 53.59, or 0.5 percent, to close at 11,493.72.
--The S&P 500 fell 4.94, or 0.4 percent, to 1,188.04.
--The Nasdaq composite fell 1.86, or 0.1 percent, to 2,521.28.
Vioxx marketing probe will cost Merck $950M
NEW YORK -- The Department of Justice said drugmaker Merck will pay $950 million to resolve investigations into its marketing of the painkiller Vioxx.
The agency said Merck will pay $321.6 million in criminal fines and $628.4 million as a civil settlement agreement. It will also plead guilty to a misdemeanor charge of marketing Vioxx to treat rheumatoid arthritis before getting federal approval.
The government will get $426.4 million; $202 million will be distributed to Medicaid programs for 43 states and the District of Columbia. Merck stopped selling Vioxx in 2004 after evidence showed the drug doubled the risk of heart attack and stroke.
Fed considers improved clarity on rate decisions
WASHINGTON -- Federal Reserve policymakers this month discussed how they could give businesses and investors more information about what might trigger an increase in interest rates, according to minutes of the Nov. 1-2 meeting. But the Fed held off making any changes. A panel headed by vice chairman Janet Yellen is exploring ways to provide more information on future central bank moves. More clarity on interest-rate policy could help reassure investors and businesses that rates will stay low.
Report: Banks' earnings improved in 3rd quarter
WASHINGTON -- Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported.
The Federal Deposit Insurance Corp. said the industry earned $35.3 billion in the third quarter, up from $23.8 billion in the same period last year. More than 60 percent of banks reported improved earnings.
The FDIC also said there were 844 banks on its confidential "problem" list in the quarter, or roughly 11.5 percent of all federally insured banks. That was down from 865 the April-June period.
Net income at Campbell Soup falls by 5 percent
CAMDEN, N.J. -- Campbell Soup said its fiscal first-quarter net income fell 5 percent to $265 million as price increases were not enough to offset lower volume in its soup and beverage businesses. Revenue fell less than 1 percent to $2.16 billion
The profit was better than expected. Campbell said it is working to stabilize its U.S. soup business. The company raised prices because of rising costs and cut marketing spending.
Carnival Fantasy to dock at SPA's Union Pier today
The Carnival Fantasy arrives for a routine turnaround call today, the State Ports Authority said. Passengers will disembark starting at 6 a.m. Another group will board and sail later in the day. From 11 a.m. to 4 p.m. or until embarkation is completed, part of Concord Street will be closed from north of Market Street to the intersection south of Hasell Street on Washington Street. For access to and from areas just north of Union Pier, drivers are encouraged to use Calhoun and Laurens streets.