John J. Edwards III
Dow Jones Industrial Average
is sick and tired of the 7700 level after just a day. The hyperactive index charged up as high as 7791.54 this morning, lately settling back to a gain of about 55 to 7766.
Bonds are again the catalyst, as another weak economic report -- this time the
Producer Price Index
-- has sent bond prices bounding higher. The yield on the bellwether 30-year Treasury has eased to 6.71%, well under the psychologically important 6.75% threshold.
Tech stocks are mounting a recovery, with gains in
and other big names pushing the
Nasdaq Composite Index
into record territory.
Wall Street's lunch tables will no doubt buzz over the latest high-profile defection from a major brokerage house, with
losing its mutual fund chief, Jessica Bibliowicz, to the
John A. Levin & Co.
unit of the
Bibliowicz, who becomes president and chief operating officer at Levin, has been nearly as much of a media darling as her father, Sanford Weill, CEO of Smith Barney parent
The Wall Street Journal
wrote glowing profiles of Bibliowicz last August, lauding her family-independent career path and her revolutionary effort to move Smith Barney into no-load funds.
Smith Barney's own mutual-fund performance has been mediocre lately, with none of its 11 major U.S. diversified funds in the top 25% of all such funds for the past year, according to
Lipper Analytical Services
. But Smith Barney spokeswoman Mary McDermott said the firm's funds have been "on a great uptrend," and Bibliowicz will be missed.
Levin firm, which has $7.6 billion under management now, is planning on growing, and she'll have an opportunity to work with the company and create the growth," McDermott said. "It's very entrepreneurial. Apparently she's just like her father."
Levin, founded in 1982, had $5.4 billion under management in December 1995 and $6.5 billion in December 1996, said Glenn Aigen, the firm's chief financial officer. Aigen said he was unsure if increasing that growth rate would be a top priority for Bibliowicz. "She might have several priorities," he said. "I don't want to say one is A and one is B."
John Levin, who had been president and CEO of the firm that bears his name, now becomes chairman and CEO, Aigen said. Bibliowicz is "being added and not replacing," he said. "She's enhancing the current management of the firm."
In other Wall Street news, hang the black bunting and muffle the drums:
ceases live programming today. A
spokesman said the station, co-owned with
, will broadcast
and repeats until June 30, when
takes over and places
on the channel. And so it goes.
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