It wasn't hard to take comfort in the
market's performance at midday. The
Dow Jones Industrial Average
had blown through the 10,700 level and looked like it was moving for the next centennial, and though Internet and other tech stocks were sharply lower, breadth on the
was still respectable. But stocks spent the afternoon dropping faster than a
forkball, and investors were forced to take comfort in the continued strength in cyclicals and the positive breadth on the
Major proxies looked ugly at the end of the day: The Dow fell 53.36 to 10440.53; the
Nasdaq Composite Index
plummeted 138.19, its second-biggest point drop ever, to 2345.85; the
sank 29.48 to 1289.52; the
shed 9.14 to 412.44; and
TheStreet.com Internet Sector
index dumped a 108.18 to 560.84.
The Nasdaq has set plans to launch a late trading session between 6 p.m. and 9 p.m. by this summer, according to
Major European indices finished sharply higher, while Asian markets were mixed overnight. Hong Kong's
jumped 282.12 to 12,772.42, and Japan's
fell 177.37 to 16,674.21.
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, the fourth-largest U.S. telecom, is buying 10% of
for about $3.5 billion in cash. BellSouth plans to expand its service to business customers with Qwest's high-speed data and long-distance network.
More impressive numbers from the financial services sector:
today posted first-quarter earnings of $1.04 a share excluding charges, well above the 87-cents-a-share
consensus. Including charges, Citigroup earned $1.01 a share.
Columbia Energy Group
is bidding $6.68 billion for
Consolidated Natural Gas
, even though CNG has already accepted a takeover offer from
. Columbia Energy had offered to buy CNG in late February, two days before the company announced the Dominion deal.
today announced a five-year deal to jointly develop battery, fuel cell and hybrid electric automobiles.
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stepped down from his post as the company's CEO; CFO
reported yesterday on the ousters.
today set plans to sell about $300 million worth of switching equipment, software and services to
U S West
For more tech news and commentary, click
air campaign against Yugoslavia continues amid reports that the alliance has located 43 mass grave sites in Kosovo. Meanwhile, Secretary of State
said the U.S. is seeking NATO support to choke off the shipment of oil to Yugoslavia, possibly by employing a naval blockade.
today said it plans to sell the shipbuilding business of
Daewoo Heavy Industries
for about $4.12 billion.
Japanese steel maker
today set plans to cut 1,200 jobs, or a little more than 20% of its staff, over the next two years.
yesterday confirmed that they are in merger talks.
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In the Papers
The Chicago Tribune
previews the battle royale unfolding today at Chicago's McCormick Place conference center, where the Spring Comdex trade show is running concurrently with the two-day
Global Summit. Linux inventor
delivered the summit's keynote address about 90 minutes after
gave Comdex attendees an early peek at
This week's edition of
features a multipiece expose on illegal options spread-widening at the
American Stock Exchange
yesterday began a 4,500 journey around the country on a Yard-Man Tractor lawnmower. In his attempt to break the Guinness record of 3,500 mowed-miles, Hauter also will likely set a new benchmark for the biggest post-Guinness-record letdown.
This had to be a disorienting weekend for former
University of Texas
. Still reeling from being passed over by the first four teams picking in this Saturday's NFL draft, Williams was taken fifth by the
New Orleans Saints
and ambushed on the dais by the unsettling spectacle of new coach
in a dreadlock wig.
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