Author: Elena Todorova
123jump.com
Last Update: 10:33 AM EDT July 23 2007

Wall Street opened higher, benefiting from robust profits in the pharmaceutical sector and news of a takeover in the oil services industry, financial and equipment-rental sectors. The Dow was led higher by drug giant Merck which rose 6% after it posted better-than-expected 12% earnings increase in Q2 and lifted its annual earnings forecast. Rival Schering-Plough added 1% as both its quarterly revenue and earnings beat expectations.