Monday, March 29, 1999

Happy now? Dow 10K. Dow 10K. Dow 10K!
Author:
Publish date:

Markets

There you go. Dow 10K. Feels a lot like

David Duval's

final round yesterday at Sawgrass: You can't help but be extremely impressed, even though it took

forever

. Traders greeted the milestone with all the controlled enthusiasm of an 18th-hole gallery.

The

Dow Jones Industrial Average

gained 184.54 to 10,006.78; the

S&P 500

gained 27.37 to 1310.17; the

Nasdaq Composite Index

surged 73.67 to 2492.84; the small-cap

Russell 2000

rose 5.84 to 399.76; and

TheStreet.com Internet Sector

index picked up 24.58 to close at 654.16.

European bourses finished sharply higher, while Asian markets closed lower. Hong Kong's

Hang Seng

lost 114.84 to 10,688.47, and Japan's

Nikkei

sank 8.15 to 16,008.84.

For more markets action and news, click

here.

Companies

Three months after it was borne from the $48.2 billion merger of

British Petroleum

and

Amoco

,

BP Amoco

(BPA)

today said it is in talks to acquire

Atlantic Richfield

(ARC) - Get Report

.

CBS

(CBS) - Get Report

is in talks to buy television syndicator

King World Productions

(KWP)

for up to $3 billion, according to Saturday's

New York Times

, which cited unnamed executives close to the talks.

Service Merchandise

(SME)

today filed for Chapter 11 bankruptcy protection, listing debts of $1.3 billion and assets of $1.5 billion.

For more news on companies and stocks, click

here.

Tech

Amazon.com

(AMZN) - Get Report

announced plans to launch an Internet auction service competing with e-tailers

eBay

(EBAY) - Get Report

and

Onsale

(ONSL)

.

Shares of

Platinum Technology

(PLAT) - Get Report

skyrocketed on news that software firm

Computer Associates

(CA) - Get Report

is offering $29.25 a share for the company in a deal worth more than $3.5 billion. Platinum closed up 14 3/16 to 24 1/16.

Lucent

(LU)

said it has agreed to supply

AT&T's

(T) - Get Report

DigitalPCS

network with $1 billion in equipment and services over four years.

State attorneys general involved in

Microsoft's

(MSFT) - Get Report

antitrust settlement talks will ask the company on Tuesday to divest itself of its

Windows

operating system, according to a

Seattle Times

report yesterday. The paper said that the suggested sale may take the form of a forced auction.

For more tech news and commentary, click

here.

General News

The situation continues to worsen in the Balkans. As its war planes rain bombs on Serbian targets for the sixth straight day,

NATO

officials report that ethnic Albanians fleeing Serbian paramilitary forces have been hitting the Albanian border at a rate of 4,000 an hour. The State Department said that "there are indications genocide is unfolding in Kosovo." Meanwhile, Russia said that Prime Minister

Yevgeny Primakov

will meet Tuesday with

Slobodan Milosevic

"with the purpose of

bringing an immediate halt to NATO's bombing of Yugoslavia."

Here's something that will not go over well with NATO. Primakov was paid at least $800,000 by the Iraqi government and ran interference for Iraq during the

United Nations'

efforts to monitor the country's weapons programs, according an investigative article in this week's issue of

The New Yorker

. The article details a close relationship between Primakov and

Saddam Hussein

from the 1960s.

But NATO's one thing, and the

International Monetary Fund's

another. Citing a source close to the talks, the news agency

Interfax

today said that the IMF will lend Russia $4.8 billion in four equal payments, the earliest of which could arrive as early as the end of April.

International

Imperial Chemical Industries

(ICI)

said it is in talks to sell underperforming bulk chemical assets to private U.S. chemical maker

Huntsman

and other companies. The

Financial Times

earlier reported the assets' sale to be worth about $3 billion.

In case you hadn't heard: French automaker

Renault

has finally signed a deal to pay $5.4 billion for a 37% stake in ailing

Nissan

(NSANY)

and a 23% stake in its truck-making affiliate,

Nissan Diesel Motor

.

Telecom Italia

(TI)

revamped its plan to buy out the 40% of mobile phone unit

Telecom Italia Mobile

it doesn't already own, making a $24.7 billion cash offer instead of the originally planned stock offer.

Olivetti

responded to Telecom Italia's veiled poison pill defense by upping its $58 billion hostile takeover offer to $64.7 billion.

For more international news and commentary, click

here.

Elsewhere

Michigan State University

students can do more than overturn a police car in a pinch after watching their basketball team get pummeled by

Duke

. MSU junior Aric Foster, for one, demonstrated a keen feel for language by delineating the nuances of the noun "blast" for a reporter from

The Detroit News

: "It

the riot was a blast in all senses of the word," the paper today quoted Foster as saying. "We came together as a school, burned some things, showed some skin and that's fine. It was Spartan pride." (Disclosure note: This reporter attended the

University of Michigan

.)

Have a dumb question relating to finance? Great. Have a

really

dumb question? Even better. Send it to

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