Bush keeps Snow as treasury secretary

Treasury Secretary John Snow, an aggressive champion of the administration’s economic policies, accepted President Bush’s offer Wednesday to remain in the Cabinet.

Bush’s decision kept an important member of his economic team in place as the president seeks to promote his second-term priorities of simplifying tax laws and overhauling Social Security.

Snow, 65, is the former chief of railroad company CSX and has a doctorate in economics.

Health

Vioxx withdrawal to cut Merck profits

The withdrawal of painkiller Vioxx means Merck & Co. will miss the already diminished expectations of Wall Street analysts for 2005, the huge drug maker said Wednesday.

But its shares rose nearly 3 percent as the company said it planned to continue its stock buyback program in 2005, offered an upbeat outlook for two new cholesterol drugs and said it planned to seek government approval of three vaccines next year.

Merck expects to earn between $2.42 and $2.52 a share in 2005, the company said. Analysts surveyed by Thomson First Call had expected earnings of $2.56 a share.

Venture

Retiring senator plans line of camping gear

U.S. Sen. Ben Nighthorse Campbell plans to help design a line of camping and outdoor gear that will bear his name after he leaves office next month.

It’s just one of several projects Campbell has planned for his retirement. The 71-year-old will continue his jewelry design business and also plans to work as a motivational speaker at colleges and universities.

Campbell, the only American Indian in the Senate, also has interviewed with law firms that do business with American Indian tribes.

Campbell said Monday he had reached a tentative agreement with an unidentified company to make tents, backpacks and other gear for a “Nighthorse” signature line.

Wall Street

Investors return after two-day selloff

Investors resumed their December rally Wednesday, looking past higher oil prices and focusing instead on building up their portfolios before year’s end. A higher U.S. dollar and a brokerage upgrade of General Electric Co. added momentum to the buying.

Although a barrel of light crude oil closed at $41.94, up 48 cents, on the New York Mercantile Exchange, Wall Street appeared unconcerned.

Wall Street was encouraged as the dollar gained against the Japanese yen after Japan’s government reported slower-than-expected economic growth in its most recent quarter.