Stocks turned sour at midmorning and didn't stop sinking, as most major indices closed deep in negative territory. A blue-chip swoon doomed financial reporters on the Dow 10K beat, while transport and technology stocks took the hardest hits. The Internet sector was a lone bright spot.
Dow Jones Industrial Average
lost 94.07 to 9903.55; the
fell 17.26 to 1299.29; the
Nasdaq Composite Index
plummeted 41.64 to 2421.32; the small-cap
dropped 2.97 to 396.58; but
TheStreet.com Internet Sector
index gained 11.14 to close at 628.60.
International markets picked up where Wall Street left off yesterday. Major European indices all closed solidly higher. And Asian markets spent the night rebounding like
Jayson Williams, with Hong Kong's
skyrocketing 423.60 to 11,082.92 and Japan's
gaining 660.86 to 16,378.78.
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East Coast banking power
said it plans to eliminate about 5,850 jobs as it restructures after last year's merger with
. Last month, the bank said it might cut as many as 7,150 jobs.
A federal jury rejected a $2 billion lawsuit filed by 114 Ohio union health funds charging unfair targeting of blue-collar workers by tobacco companies
R.J. Reynolds Holdings
British American Tobacco
today announced plans to pay about $162 million for the 20% of
that it doesn't already own.
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Shares of online women's community network
(IVIL:Nasdaq) begin trading today on the
Nasdaq National Market
. The stock was priced at $24 a share.
Girls' software firm
is being acquired by rival
, whose breezy Barbie character formerly squared off with Purple Moon's brainier Rockett Movado.
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At least 62 people are dead from a bomb that exploded in an outdoor market in the southern Russian town of
is taking a four-month sabbatical from his duties as leader of the
Nation of Islam
to recover from prostate cancer treatment, according to his personal physician. Earlier this week, the Nation's newspaper,
The Final Call
, reported that Farrakhan had been gravely ill since early this year.
International mediators today called off the Kosovo peace talks, charging the Serbian leadership with trying to sabotage the accord that ethnic Albanians signed yesterday.
LVMH Moet Hennessy Louis Vuitton's
made a full takeover offer for
after French specialty retailer
agreed to buy a 40% interest in Gucci for about $3 billion. Under this deal, Pinault-Printemps would buy 39 million newly issued shares, diluting LVMH's slowly advancing stake to 22%.
U.K. venture capital firm
made a hostile takeover offer of about $2.04 billion for rival
Electra Investment Trust
are on the verge of buying a combined 30% stake in
, according to the Japanese newspaper
Nihon Keizai Shimbun
. But a spokesman for Japan Telecom said that "nothing has been decided" yet.
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Balloonists Brian Jones of Britain and Bertrand Piccard of Switzerland are more than halfway across the Atlantic Ocean, riding a jet stream toward the Northern African finish line in their quest to circumnavigate the Earth.
Buzzkill. Celebrations of the 250th anniversary of
Johann Wolfgang von Goethe's
birth were deflated yesterday when the Frankfurt newspaper
reported that East German scientists exhumed the
Sturm und Drang
poet's body on the sly nearly 30 years ago in an attempt to preserve it. Goethe's place in German national history is similar to
in their respective countries.
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