As tentative and nervous as this market's been lately, investors sure don't seem too squeamish about going long into the weekend. Amid a weaker than expected payroll report (see below), stocks surged late for the second Friday running. All the major proxies ended squarely in the black.
Technology led the charge. The
Nasdaq Composite Index
rocketed 74.64 to 2477.96, and
TheStreet.com Internet Sector
index added 19.05 to 553.35; the
Dow Jones Industrial Average
136.15 to 10,799.84; the
grew 28.17 to 1327.71; and the small-cap
fattened up 6.35 to 442.33.
The big European indices finished mixed, led on the upside by the Frankfurt
, which surged about 2.2%. France's
settled in shallow negative and positive territory, respectively.
In Brazil, the volatile
was up about 2.4% late in the afternoon session.
Asian markets were split overnight, as Hong Kong's
dropped 56.07 to 12,415.54, while Tokyo's
added 73.25 to 16,300.75.
More markets action and news is available in
This is not a sexy deal: Adhesive label maker
is buying reflective safety products firm
for about $137 million.
is now the world's largest bank, having today completed its purchase of U.S. investment bank
Procter & Gamble
is expected to announce next week that it will cut thousands of jobs worldwide, close some underperforming plants and take a sizable charge in an effort to become more competitive and to improve profits,
The New York Times
shareholders filed a $1.3 billion lawsuit against
, charging it with committing securities fraud by misleading investors about its intention to buy SkyTel.
Federal Trade Commission
judge dismissed a government case charging
with withholding information on its vision-correction lasers from patent examiners. The FTC staff can appeal the decision.
More news on companies and stocks is available in
Stock News section.
, along with
, last night said they won a software contract with the
Internal Revenue Service
worth $121 million. That's small potatoes to Softee, but not to an earnings-starved Net company like Beyond.com: It gained 4 11/16, or 26.9%, to 22 1/4 after
Credit Suisse First Boston
raised its fiscal 1999 earnings estimate to a loss of $3.88 a share from a loss of $3.90.
Internet investment bank
(WITC:Nasdaq) added 5 13/16, or 64.6%, to 14 7/8 after being priced last night at $9 a share, at the top of its pricing range, by lead underwriter
More tech news and commentary is available in
Tech Stocks section.
Hillary Rodham Clinton
formally announced that she'll form an exploratory committee in July to prepare for a possible run for the
from New York.
report, which showed a puny 11,000 jobs added in May, far short of 216,000 expected by economists and down from last month's 234,000. The unemployment rate fell 0.1 percentage point to 4.2% and hourly earnings gained 0.1 percentage point to 0.4%. Those numbers were forecast to come in at 4.3% and 0.3%, respectively.
said that although he is "anxious to end the bombing,"
air strikes will continue until the alliance sees evidence that Yugoslav forces are withdrawing from Kosovo. NATO war planes struck Serb targets last night; the Yugoslavian Parliament approved a Kosovo peace agreement yesterday.
is stepping down after three years in that position. She plans to join the
, a Washington-based think tank.
the news late yesterday.
French defense and aerospace giant
began trading on the
today. The stock surged early as much as 17%.
More international news and commentary is available in
Rock and roll is not what it used to be.
Dave Matthews Band
broke two ribs last week while trying to catch grapes tossed in his mouth by fellow bandmates, Matthews' publicist said yesterday.
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