U.S. stocks rode a late rally to close modestly higher, with the tech sector especially strong.
Dow Jones Industrial Average
gained 82.65 to 9,203.32, the
rose 8.76 to 1,233.95, and the
Nasdaq Composite Index
jumped 30.23 to 2,369.11. The small-cap
dropped a meager 0.33 to 422.11.
TheStreet.com Internet Sector
index picked up 6.58 to close at 496.59.
European bourses closed mixed, as did Asian markets, as Japan's
picked up 54.41 to close at 14,208.81, while Hong Kong's
plummeted 239.02 to 9,499.50.
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, the 80-year-old chairman of
Archer Daniels Midland
, has retired. He'll be succeeded by CEO -- and nephew --
reported fourth-quarter net income declined 53% in 1998, partly reflecting one-time charges from last year's merger of
patent-infringement suit against competitors
ended with a whimper today as those companies agreed to not manufacture a generic version of Prozac in exchange for a $4 million payment from Lilly.
Automotive component manufacturer
will offer nearly $6 billion for the U.K.'s
, according to
The Sunday Times
subsidiary and asset scavenger
has agreed to buy the leasing business of bankrupt
, a unit of the now-nationalized
Long Term Credit Bank of Japan
. Separately, GE Capital settled for about $100 million a class-action lawsuit alleging unfair debt collection by the company.
spiked upward after the company reported fourth-quarter earnings exceeding Wall Street expectations. 3M's profit for the quarter declined 42% from the previous year.
said Friday that it has scrapped plans to begin Phase III testing of potential blockbuster antidepressant
. The stock closed down 2 to 137.
Nursing home company
said that co-founder
W. Bruce Lunsford
resigned as chairman and CEO, to be succeeded by current president and COO
posted fourth-quarter earnings of 40 cents a share, up 45% from last year.
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posted fourth-quarter earnings of $1.12 a share, up 58% from last year. The company attributed the increase to cost-cutting and a booming mobile-phone services segment.
said its board of directors has approved a 2-for-1 stock split. The split still requires shareholder approval. Separately, the company also said it will invest $500 million in U.K. cable company
will be named chief technology officer of
, according to
The Wall Street Journal
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Turkish holding company
Akmaya Sanayi Ve Ticaret
has acquired 65% of the Romania's
oil refinery for $725 million.
Swedish mobile-phone giant
said it will cut 11,000 jobs over two years in response to slowing profit growth.
is downshifting. The Swiss banking behemoth said it will curtail its investment banking operations in favor of the private-client and asset-management segments and cut its earnings forecast for 2002 by 10%.
Figures from Japan's
Ministry of Finance
show that country's global trade surplus increased a hefty 40% in 1998. Japan's trade surplus with the U.S. increased 33.4%.
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U.S. Supreme Court
ruled that the
Federal Communications Commission
-- rather than individual states -- has the authority to set the prices that the Baby Bells can charge rivals to use their networks.
Figures from the
National Association of Realtors
show that resales of U.S. homes reached a record level for the third consecutive year in 1998.
managers met for two hours yesterday with
to gauge her utility as a witness, against the objections of
Democrats who claim the interview undercuts the Senate's authority to determine witnesses in impeachment proceedings.
A U.S. and U.K. missile attack killed and wounded civilians in the Iraqi city of Basra, according to the official
Iraqi News Agency
as head coach.