Amid no new economic data, stocks rallied from the get-go to the closing bell, just because. Technology was the spark, but by the end of the session even the transports had turned it around to close solidly higher. Drug stocks were a notable exception to the broad surge, finishing flat to lower.
All the major proxies closed higher. The
Nasdaq Composite Index
gained 45.80 to 2524.14; the
Dow Jones Industrial Average
added 109.54 to 10,909.38; the
picked up 6.77 to 1334.52; the smallish-cap
took on 4.32 to 446.65; and
TheStreet.com Internet Sector
index advanced 32.41 to 585.87.
The big European indices finished higher, with London's
each posting strong gains.
In Brazil, the normally volatile
was down about 0.8% late in the afternoon session.
Asian markets moved higher overnight. Hong Kong's
added 421.85 to 12,837.39, while Tokyo's
gained 175.14 to 16,475.89.
For more markets action and news, click
for about $15.3 billion in stock and assumed debt.
Credit-crunched home equity lender
is selling its auto financing unit,
Ford Motor Credit
. ContiFinancial didn't disclose terms of the deal.
Call off the fashion police.
is cutting back its polyester production, laying off about 14% of the worldwide workforce in that segment.
, the world's biggest maker of mining equipment, has filed for Chapter 11 bankruptcy protection. Harnischfeger, which said it has received commitments for debtor-in-possession financing of $750 million, will default on interest payments on its $1.3 billion in debt, including its bonds.
Investment banking firm
confirmed that it is combining its operations in New York, London and Paris. The company said the process will take six to nine months.
Utility holding company
said it's making a $5.7 hostile cash takeover offer for natural gas company
Columbia Energy Group
. Columbia Energy, which rejected a previous offer by NiSource, said it is considering the bid.
Natural gas firm
is buying energy services company
for $500 million in stock, cash and assumed debt.
is in talks to acquire British security and fire-protection equipment maker
for about $5.87 billion.
More news on companies and stocks is available in
, the Internet investment bank 28%-owned by
, a Web site through which E*Trade customers can participate in IPOs.
and Taiwanese computer manufacturer
inked an agreement to buy about $8 billion worth of each other's products over the next seven years. Acer already makes most of the PCs that IBM sells under the Aptiva brand.
set plans for an IPO of its Internet unit,
. The company will offer 2.5 million shares with a pricing range of $7 to $9 apiece.
Computer tutorial maker
is being acquired by
for about $70 million in stock.
More tech news and commentary is available in
and Serb leaders collapsed overnight after Yugoslavian military leaders rejected the portion of the alliance peace plan calling for a withdrawal of 40,000 Serb troops from Kosovo. NATO said air strikes are "under way and accelerating toward their prior intensity." Talks between the military and NATO commanders are expected to resume later today, according to
, which cited a senior Yugoslav government official.
The sodomy trial of former Malaysian deputy prime minister and reformist
began today, with prosecutors changing for the third time the year they claim the alleged offenses took place. Ibrahim, who has already received six years in prison for corruption, could get as much as a 20-year sentence.
said it is buying Dutch steel and aluminum firm
in a deal valued at $6.5 billion.
French oil giant
has upped its bid for Norway's
to about $4.6 billion in cash and assumed debt, in expectation of a higher offer from industrial concern
More international news and commentary is available in
San Antonio Spurs
will represent the Western Conference in the
, having beaten the
Portland Trail Blazers
94-80 yesterday. It's a mixed blessing for center
, who, with
retirement, has already missed his chance to choke at the game's highest level against its greatest player ever.
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