Friday, January 29, 1999

Surprise! Tech sector drives the Nasdaq higher. Plus, the SEC suspends trading of 6 companies.
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Markets

U.S. stocks held onto midday gains to close higher, as the tech sector drove the

Nasdaq Composite Index

to -- you guessed it -- another record high. The

Dow Jones Industrial Average

gained 77.50 to 9,358.83, while the Nasdaq jumped 28.53 to 2,505.87. The

S&P 500

rose 14.27 to 1,279.64, and the small-cap

Russell 2000

advanced 3.25 to 427.22.

TheStreet.com Internet Sector

index picked up 5.12 to close at 557.52.

European bourses closed modestly higher.

Asia's big markets closed higher as Japan's

Nikkei 225

gained 156.93 to close at 14,499.25, while Hong Kong's

Hang Seng

rose 145.94 to 9506.90.

Citing possible inaccuracies on published company statements, the

Securities and Exchange Commission

today suspended trading of six Bulletin Board companies:

Invest Holdings Group

,

Polus

,

Electronic Transfer Associates

,

Smartek

,

Citron

and

USA Talks.com

.

For more markets action and news, click

here.

Companies

Mutual insurer

Anthem

fortified its operations in the Northeast by agreeing to acquire not-for-profit

Blue Cross and Blue Shield of New Hampshire

for $120 million.

Fashion chain

Barneys

has emerged from Chapter 11 bankruptcy, having received a fresh $62.5 million in investments.

Dow Chemical

(DOW) - Get Report

posted fourth-quarter earnings 60% lower than last year, but, at $1.10 a share excluding restructuring charges, above Wall Street estimates.

Cereal one-time charger

Kellogg

(K) - Get Report

matched analysts' expectations with fourth-quarter earnings of 23 cents a share, excluding

extraordinary costs.

Lockheed Martin

(LMT) - Get Report

said it will lower the boom on 280 workers at its plant in Marietta, Ga.

Steelmaker

LTV

(LTV)

blamed a massive influx of cheap steel imports for its fourth-quarter loss of 62 cents a share. Not including one-time charges, the company lost 15 cents a share, three cents better than expectations.

For more news on companies and stocks, click

here.

Tech

Business management software company

PeopleSoft

(PSFT)

said it will slash 430 jobs after it reported fourth-quarter earnings of 16 cents a share, a penny under analysts' estimates.

Ticketmaster Online-CitySearch

(TMCS)

posted a fourth-quarter loss of 26 cents a share, 5 cents better than expectations.

Exodus Communications

(EXDS)

is joining the split party, having announced a 2-for-1 split after reporting a loss of $1 a share, not including one-time charges.

For more tech news and commentary, click

here.

International

Vice President

Al Gore

today urged global reductions in trade barriers at the

World Economic Forum

, placing particular emphasis on Japan's role in the world economy.

The

Tokyo Taxation Bureau

has ordered the

Bank of Japan

to pay $237,000 in taxes that it failed to report.

Japan's

Management and Coordination Agency

released figures showing that country's 1998 unemployment rate at 4.1%, the highest since records began in 1953.

For more international news and commentary, click

here.

General News

Commerce Department

figures show that the U.S.

gross domestic product

increased 5.6% for the final quarter of 1998 and 3.9% for the year.

The U.S. and five other

NATO

nations warned Yugoslav President

Slobodan Milosevic

and ethnic Albanian leaders of military intervention if a peace settlement isn't reached by the middle of February. Meanwhile, Serbian police stormed a southwestern Kosovo village, killing 23 Albanians.

Members of the

Energy and Natural Resources Committee

voiced support for legislation introduced by Sen.

Kay Bailey Hutchinson

(R., Texas) that would give tax breaks to operators of small oil wells.

Elsewhere

Long live the Queen: Photos of

Prince Charles

and

Camilla Parker Bowles

are ubiquitous in British tabloids today after the two were seen unashamedly together at a birthday party for Mrs. Parker Bowles' sister.