The market's main focus now is on earnings. Whatever support the conflict in Kosovo may or may not have lent the markets, it will likely move to the background, because the major broker-dealers such as
Donaldson, Lufkin & Jenrette
and others are expected to report their biggest quarterly profits since last year's second quarter. The market is also expected to react to
earnings, after a jarring preannouncement Friday.
Air bombing continued in Yugoslavia through the Orthodox Easter holiday. Allied forces have continued to rule out the use of ground forces, even as reports that several hundred thousand people are currently displaced inside Kosovo.
is contemplating an airdrop.
The allied forces have conceded that the air campaigns may take several more weeks to deter Yugoslavian President
from attempting to remove all ethnic Albanians from Kosovo. In addition, Serbian forces are attempting to enlist
, the justice minister for the republic of Montenegro, the only remaining region of Yugoslavia that has not attempted to secede, the
New York Times
, unable to find a middle ground with Chinese Premier
in their mutual attempt to bring China into the
World Trade Organization
, was able to sign a farm agreement with China Saturday. The agreement on agricultural trade issues removes trade barriers to U.S. wheat, meat, citrus and poultry products. When the deal takes effect, it should increase U.S. poultry exports by 10% to 20% a year.
The military has taken control in the West African nation of Niger, after body guards gunned down President Ibrahim Bare Mainassara on Saturday.
In Tokyo, the Nikkei 225 average was trading lately down 242.44, or 1.4%, at 16613.19.
In Other News:
Knowing the market's recent history, today's announcement by
Nasdaq Stock Market
officials that it is ready for Y2K will be enough for a rally. "After extensive and rigorous testing, we have every reason to be extremely confident that there will be no serious disruptions in our services, and that investors will be protected," Gregor Ballor, the executive vice president and chief information officer of the
National Association of Securities Dealers
, the parent company of Nasdaq, said Sunday.
has agreed to invest $500 million in Korea's
, making it the local bank's largest single shareholder. A Kookmin Bank official said the deal will be officially announced Monday. Goldman is reportedly buying $300 million worth of common shares and $200 million worth of convertible bonds.
posted a 9.6 percent rise Saturday in worldwide group unit sales in the first quarter, compared with the first quarter of 1998. The group includes the Volkswagen brand as well as Audi, Skoda and SEAT.
, Italy's largest telephone company, failed to win support from its shareholders to fending off
$65 billion hostile offer. The rejection paves the way for foreign rivals to join the bidding. It means Olivetti will probably buy Telecom Italia, unless Telecom Italia finds a foreign partner.
In a late addition Friday to its secondary offering prospectus,
disclosed that it has had "preliminary discussions" with a major investor that the Web community firm said could change control of the company. This was the first acknowledgement the company has held merger discussions with another part party. The stock closed at 70 1/8 Friday.
In the Papers
fund manager Frank Jennings is looking for Dow 30,000. In 2010, that is. Barron's conducts an extensive interview with Jennings, manager of
Oppenheimer's Global Growth & Income fund, who predicted 10 years ago that the Dow would hit 10,000 by 1999.
Jennings, unlike the ubiquitous James K. Glassman, isn't looking for Dow 36,000 this year; his predictions are a bit more prosaic. If
"sneak away from the party one at a time, while new favorites emerge, it wouldn't mean the entire market would collapse," he said. "I'm talking about rotating market leadership."