U.S. stocks closed sharply higher on heavy trading, as blue chips held onto gains and technology stocks drove the Nasdaq Composite Index to -- ho-hum -- another record high.
Dow Jones Industrial Average
gained 81.10 to 9,281.33, the
rose 22.13 to 1,265.30. The Nasdaq jumped 70.19 to 2,477.33. The small-cap
hopped 2.84 to 423.96.
TheStreet.com Internet Sector
index rose 17.82 to close at 552.41.
European bourses closed higher, with the exception of London's
, which lost 3.9 to 5,872.5.
Asian markets took a drubbing, as Japan's
dropped 107.74 to close at 14,342.32, while Hong Kong's
shed 358.70 to 9,360.96.
As sure as John Henry was a steel-drivin' man, the
Chicago Board of Trade
is sticking with the open-outcry trading system for now. Members voted Wednesday to nix the board's alliance with
, the fast-growing European electronic exchange system.
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Bausch & Lomb
posted a $43.1 million fourth-quarter loss. Excluding one-time charges, the company earned 75 cents a share, a penny under Wall Street estimates.
Ending weeks of speculation,
said it has agreed to buy the car operations of Swedish auto maker
for $6.45 billion. Volvo will retain its truck business under the deal.
U.S. auto and aerospace components manufacturer
in the bidding war for
, having agreed to acquire the U.K.-based auto-parts maker for about $6.6 billion in cash.
posted fourth-quarter earnings of 33 cents a share, down 66% from last year. Excluding one-time charges, the company earned 81 cents a share, down from 89 cents a share, matching analysts' expectations.
announced plans for a 3-for-1 stock split, subject to board and shareholders approval at the company's annual meeting on April 22.
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last night reported fourth-quarter earnings of 17 cents a share -- 3 cents over Wall Street estimates -- and announced a 2-for-1 stock split.
The king of chips will double-dip.
today announced a 2-for-1 stock split and raised its quarterly dividend by a penny per share.
James J. Cramer
spat up his coffee at the news.
posted fourth-quarter earnings of 88 cents a share, matching Street expectations.
said it has agreed to acquire electronic communities site GeoCities
broke the news of the talks last night.
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will buy $2.6 billion of new shares to up its stake in ailing trust bank
Yasuda Trust and Banking
from 16.8% to 50%.
A government audit has revealed that municipal investment trust
Guangzhou International Trust & Investment
is dangerously close to bankruptcy. It is unclear whether the Chinese government would save the trust if it became insolvent.
Japan Automobile Manufacturers Association
released figures today showing Japanese auto production fell 8% last year, the first decline in three years.
Swedish cell-phone maker
said its fourth-quarter net income dropped 3% from last year, citing weak demand for fixed-line switches and falling prices for mobile phones. The company's lower profits still beat expectations, though. Last night
previewed the earnings report.
The government of Venezuela last night filed a lawsuit seeking billions of dollars in damages from
Brown & Williamson
British American Tobacco
R.J. Reynolds Tobacco
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Steel imports from Japan were 47% lower than the previous month, according to U.S.
played the heavy today before the
Senate Budget Committee
, saying that, in the long term, Social Security could only be saved by raising taxes or cutting benefits.
Employment Cost Index
figures showing wages and benefits rising 3.4% in 1998, the fastest clip in five years.
, chairman of the
Securities and Exchange Commission
, yesterday issued a statement warning investors of the "highly risky" nature of day trading and electronic trading in particular. Last night
contextualized Levitt's comments.
Missouri Gov. Mel Carnahan commuted the death sentence of triple murderer to life without parole after Pope John Paul II strongly denounced capital punishment during a Wednesday morning Mass in St. Louis.
Censure, anyone? Former
pleaded guilty to lying to a federal grand jury investigating illegal sports betting and could face up to a year in prison on the charge. However, prosecutors said they would consider seeking a lighter sentence if Gamble is helpful in their investigation.