It took investors a few hours to figure out what to do with the
employment report (see below). Many didn't do anything at all; volume was light on both the
Nasdaq Stock Market
. But the rest finally did the only sensible thing to do: run up the recently deflated technology sector. The
Nasdaq Composite Index
led the major indices, gaining 31.33 to 2,503.61.
The other major proxies fared well, too. The
Dow Jones Industrial Average
rose 84.77 to 11,031.59; the
added 12.95 to 1345.00; the small-cap
grew 2.73 to 436.11; and
TheStreet.com Internet Sector
index picked up 2.35 to 614.15. A skittish bond market sent the 30-year Treasuries solidly lower despite the employment report's glad tidings.
Major European indices finished mixed, with Germany's
up 0.4% but France's
off 1% and 0.8%, respectively. In Asia, Hong Kong's
sank 572.81, or 4.2%, to 12,997.43, while Tokyo's
gave back 354.09, or 2%, to 16,946.52
Britain said it will sell more than half of its gold reserves and invest the proceeds in foreign bonds, sending gold prices tumbling more than 2% in London. Meanwhile, the
Bank of England
said its governor, "Steady"
, will not seek a third term when his current stretch ends in June 2003.
For more markets action and news, click
Alain J.P. Belda
Paul H. O'Neill
. O'Neill will stay on as chairman until December 2000, when Belda will assume that post also.
approved the merger of
after the companies agreed to sell some cellular interests in nine states. The deal still has to pass the scrutiny of the
Federal Communications Commission
and several public utility commissions.
will require "very careful scrutiny" by the FCC.
Defense and electronics giant
yesterday made separate offers to buy shipbuilding firms
Newport News Shipbuilding
. The deals are valued at a total of about $2.4 billion in stock and cash.
The boards of farming cooperatives
Cenex Harvest States Cooperatives
approved preliminary resolutions to combine their operations. No cash would be exchange in the deal, which is subject to both membership and regulatory approval.
yesterday filed with the
Securities and Exchange Commission
for an IPO of its
subsidiary. The filing did not specify the percentage of Blockbuster to be spun off, but said the offering could raise as much as $100 million.
For more news on companies and stocks, click
Graphics software firm
, headed by former
, yesterday filed with the SEC for an IPO worth $57.5 million.
For more tech news and commentary, click
The Labor Department released figures showing nonfarm payrolls increased 234,000 in April, close to the expected 230,000; the unemployment rate jumped to 4.3%, 0.1 percentage point above last month's rate and economists' expectations; and average hourly earnings rose just 0.2%, just half the forecast.
is ready to discuss a Kosovo peace agreement, he said in a statement distributed by state media. Yesterday Russia and Western powers hammered out a rough sketch of a peace settlement. At stake in any negotiation will be
insistence on an armed peacekeeping force in Kosovo, which Milosevic has repeatedly said he will not accept.
Germany's seasonally adjusted unemployment rate unexpectedly rose 0.1 percentage point to 10.6% in April, according to figures released today by the
set plans to invest about $300 million in its two largest Japanese factories as part of its drive to increase productivity; yesterday Honda said it will inject about $460 million into its North American operations.
For more international news and commentary, click
A jury found
The Jenny Jones Show
negligent in the murder of Scott Amedure, who was murdered by fellow guest Jonathan Schmitz after the victim admitting having a crush on him on the show. The show's producer,
, will appeal the decision, which ordered it to pay more than $25 million in damages to Amedure's family.
New York Jets
owner and former oil tycoon
died today from complications from a blood disease. He was 85.
Trying to set the world record for Step Nine amends,
Bryan J. Neal
yesterday pleaded guilty to a felony charge stemming from the drunken rage he went into while on board an
Airtours International Airways
flight from Orlando, Fla., to Manchester, England. According to an
affidavit, after breaking an interior window on the plane, Neal threatened a group of terrified passengers by telling them he would break the exterior window so they would "get sucked out and die."
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