Business news with words amex+key+plans. 2 news.

BOSTON (MarketWatch) -- Drug stocks cruised into positive territory early Wednesday, with many of the blue chip pharmaceutical issues gaining as much as two percentage points. The Amex Pharmaceutical Index hopped 1.4% to 357.24 and the Amex Biotechnology Index edged up 1.9% to 822.95. Schering-Plough Corp. was a notable exception, with shares down 4% to $27.77. A Congressional committee announced on Tuesday that it plans to investigate the integrity of a key study for it and partner Merck & Co.'s popular cholesterol-lowering drug, Vytorin. Merck investors appeared to be largely unfazed by the news, pushing shares up 1% to $18.26.

NEW YORK (MarketWatch) -- Energy shares rose in early action Tuesday ahead of a key meeting by the Federal Reserve. With an interest rate cut expected, Wall Street sees brighter prospects for energy firms that will help provide the fuel for economic growth. The Amex Oil Index rose 0.8% to 1,490. The Amex Natural Gas Index rose 0.7% to 573. Transocean advanced 1% to $138.67. PetroChina rose 0.6% to $201.24 on plans by the company to expand refinery operations in China. Valero rose 1.2% $66.77 after CEO Bill Klesse told the Wall Street Journal the company's planning to restructure its refinery portfolio. Oil futures advanced $1.29 to $89.15.