A strong performance by the blue-chips moved the
Dow Jones Industrial Average
within spitting distance of 10,000. All major proxies posted solid gains, paced by the technology and Internet sectors. The Dow gained 82.42 to a record 9958.77; the
rose 12.67 to a record 1307.26; the
Nasdaq Composite Index
soared 49.91 to 2431.44; the small-cap
gained 2.46 to 400.84; and
TheStreet.com Internet Sector
index skyrocketed 36.83 to close at 604.83.
European bourses finished mixed, while Asian markets closed higher. Hong Kong's
gained 35.10 to 10,836.86 as the government reported that unemployment in that country has hit a record 6%. Japan's
soared 290.74 to 15,779.60 amid continued optimism that the Japanese economy is turning the corner toward recovery.
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In a marriage of Northeast banking powerhouses,
for $16 billion in stock. The deal will create
, the eighth-largest U.S. bank in terms of assets.
has put the kibosh on merger talks with
, saying that it will instead focus on its radio and advertising operations. Chancellor also announced the resignation of CEO Jeffrey Marcus, who will be replaced by Thomas O. Hicks, currently the company's chairman.
said it will buy out the 80% stake in seed company
Pioneer Hi-Bred International
that it doesn't already hold. DuPont will pay about $7.7 billion in cash and stock.
Putting on weight to defend itself against takeover bids,
El Paso Energy
is acquiring fellow natural gas pipeliner
for about $6 billion in stock and assumed debt.
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Networking equipment firm
is paying about $1 billion in stock for
, two privately held optical communications companies.
reported on the deal this afternoon.
Federal Communications Commission
today released details on its long-awaited audit of the Baby Bells, showing they are missing or overstating about $5 billion worth of equipment. The audit, whose accounting procedures the Bells dispute, could lead the FCC to force telephone rates lower.
will be forking over about $750 million for a controlling interest in Web portal
. Allen plans to buy $300 million in convertible preferred stock and $450 million of common stock.
today announced that a consortium of companies including Nortel,
will work together to develop a new platform to run large corporations' voice and data networks.
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Let the cakewalk begin:
(D, Mo.) today endorsed Vice President
for the Democratic presidential nomination in 2000.
Peace talks between Serbs and ethnic Albanian rebels have reopened in Paris, sponsored by the six-nation Contact Group: the U.S., Russia, France, the U.K., Italy and Germany.
National Security Council
said today that Kosovo Albanians are ready to sign a deal.
continues to inch toward privatization. The French government yesterday gave the green light to a privatization plan that would leave the state with just a 10% stake in the bank, 10% of which has already been floated to the public.
unloaded its 10.2% stake in U.K. telecom holding company
Cable & Wireless
for about $2.93 billion, a discount of at least 11.5% based on Friday's closing price.
The German government reported that manufacturers' orders in that country rose 1.8% in January, the first jump in six months.
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New Jersey Nets
have fired Coach
and named assistant Don Casey interim coach, according to
. Calipari is the co-author of the 1996 self-motivational tome,
Refuse to Lose
-- a strategy he followed just three times this season.
Oooh, more pay-per-view! The
International Boxing Federation
World Boxing Council
World Boxing Association
have ordered a rematch of Sunday's fight between
, who fought to a draw despite the fact that Holyfield landed 228 fewer punches than Lewis. The rematch must take place within six months.
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