Market Update (ENDP, UAL, GOL, TAM)

US drug stocks moved down, while shares of Endo Pharmaceuticals ENDP gained about 2.7% as US regulators had given approval to the company's topical testosterone product Fortesta. The NYSE Arca Pharmaceutical Index (DRG) fell about 0.18%, while the NYSE Arca Biotechnology Index (BTK) moved down around 0.28%. Crude-oil prices dropped, as crude-oil inventories jumped 3.1 million barrels in the latest week. According to the Labor Department, weekly jobless claims dropped by 34,000 to 388,000 in the recent week. Crude for February delivery fell 1.07% to $90.15 per barrel on the New York Mercantile Exchange (NYMEX). Airline stocks rose, with United Continental Holdings UAL as the top gainer in the list. UAL reported that fleet service employees at its Continental unit have ratified a new contract reached with the International Brotherhood of Teamsters. Some other gainers in the list included Gol Linhas Aereas GOL and Tam SA TAM. The NYSE Arca Airline Index (XAL) gained about 0.09%. Read more from Benzinga's Markets. Read more from Benzinga's Markets.