Skip to main content

Feb. 11, 1999

Stocks rebound, with the Nasdaq setting a record for a one-day advance; back to work at American.


Bubble? Maybe so, but investors pumped up U.S. stocks anyway, with smokin' technology and Internet shares pacing the market. The

Dow Jones Industrial Average

gained 186.15 to 9363.46, the

S&P 500

rose 30.48 to 1254.03, and the

Nasdaq Composite Index

jumped a record 95.99 to 2405.49. The small-cap

Russell 2000

gained 8.20 to 406.16, while the Internet Sector

index picked up 54.31 to close at 505.21.

European bourses closed higher, as did Asian markets. Hong Kong's

Hang Seng

gained 70.47 to 9146.80, while markets in Tokyo, Taiwan and China were closed for holidays.

For more markets action and news, click


TheStreet Recommends


A federal judge issued a temporary restraining order that will force pilots back to work at




American Airlines

. But the pilots called in sick again, and American canceled more than 1,100 flights.


(C) - Get Citigroup Inc. Report

confirmed its plans to move its credit-card business from


to rival



Federated Department Stores


is acquiring direct marketer



in a $1.7 billion deal.

Real estate investment trust

Patriot American Hospitality

(PAH) - Get Element Solutions, Inc. Report

plans to give up its REIT status in connection with a restructuring that the company is negotiating with two rival bidders, according to

The Wall Street Journal.

That's a lot a


miles: A California jury ordered

Philip Morris

(MO) - Get Altria Group Inc Report

to pay $51.5 million in punitive and compensatory damages to a smoker with inoperable cancer.

For more news on companies and stocks, click




(CNET) - Get ZW Data Action Technologies Inc Report

posted third-quarter earnings of 18 cents a share, blowing away Street estimates of 10 cents a share, and announced a 2-for-1 stock split.

Electronic Data Systems



MCI WorldCom


will exchange 13,000 employees and $17 billion worth of assets. EDS is buying MCI WorldCom's information technology services unit, and will receive a 10-year outsourcing contract for MCI WorldCom's software development and maintenance services business. In turn, MCI WorldCom will get a 10-year contract for EDS' voice and data communications services business.

Nextel Communications


is selling its 2,000 communications towers to

SpectraSite Communications

for $560 million.

USA Networks

(USAI) - Get Pacer American Energy Independence ETF Report

said that, contrary to previous reports,



supports its acquisition of Web portal



. CMGI owns 20% of Lycos.

For more tech news and commentary, click


General News



Alan Greenspan

testified before the

House Banking Committee

on the issue of how to revamp the 1933 Glass-Steagall Act, which put sharp barriers between the banking, brokerage and insurance industries. Greenspan voiced his support for a bill proposed by committee Chairman

Jim Leach

(R, Iowa), which would let banks extend their operations through a holding company structure regulated by the Fed.

Rhode Island's

John Chafee


James Jeffords

of Vermont and

Arlen Specter

of Pennsylvania in the ranks of Republican senators who said they will not vote to convict

President Clinton

on charges of obstruction of justice and perjury.

U.S. warplanes once again fired on several air defense installations in Northern Iraq.



(BCS) - Get Barclays Plc Report


Michael O'Neill

its new CEO, effective March 26. O'Neill, president of


(BAC) - Get Bank of America Corp Report

financial services unit, is the first foreigner named to that position at Barclays.


Bank of England

said that the U.K.'s 1999 growth rate may be as low as 0.5%.

For more international news and commentary, click



New Zealand's parliament votes today on an animal welfare bill that would give chimpanzees, orangutans and gorillas such fundamental rights as the right to life and freedom from cruel and unusual treatment.

Chimps are currently slaughtered for food in parts of Africa and kept for experiments in parts of the U.S.

Have a dumb question relating to finance? Great. Have a


dumb question? Even better. Send it to, and



Herb Greenberg

and I will do our best to answer. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.


here to read the latest MonEmailbag.