Some inflation friendly economic data (see below) and another wave of
positive earnings reports helped the two of the big three proxies close at record highs. The
added 11.45 to a record 1409.62, and the
Nasdaq Composite Index
advanced 21.18 to a record 2839.31. Small-caps surged, driving the
up 4.34 to 465.80, while the
Dow Jones Industrial Average
scooted up 38.31 to 11,186.41. Though the rally wasn't narrow -- market breadth was strong on both major exchanges -- the Net sector didn't participate, and
TheStreet.com Internet Sector
index shaved off 7.47 to 649.73.
The 30-year Treasury bond lost 1/32 to 90 23/32, its yield rising to 5.919%
The big European indices all finished higher, led by the Paris
and the London
, each picking up about 1.5%, while Germany's
closed marginally above break-even.
Asian markets advanced overnight, as Hong Kong's
rose 183.42, or 1.4%, to 13,758.89, and Tokyo's
gained 74.00 to 18,431.86.
More markets news and commentary are available in
New England natural-gas distributor
is moving its operations into Vermont and New Hampshire by buying
for $156 million in cash and stock, or $47 a share.
Accountants with weak stomachs might want to brace themselves for
latest earnings restatement in the aftermath of improper recording of software sales at information technology business
, which McKesson bought in January.
detailed the horror in last night's
said they will step down as co-chairmen and co-CEOs of
after their contracts expire at the end of the year.
is retiring as chairman and CEO of
Union Pacific Resources
Not one to miss out on the hot corporate debt market,
filed a shelf registration with the
Securities and Exchange Commission
for $10 billion in debt to be sold at some point in the future.
More news on companies and stocks is available in
Stock News section.
was jumping 36 1/8, or 240.8%, to 51 1/8 in its trading debut after being priced last night by lead underwriter
Credit Suisse First Boston
at $15, at the top of its pricing range.
confirmed a report in
The Wall Street Journal
that it has developed a microchip that combines 43 different semiconductor functions on a single wafer. The company said the chip, called the Geode SC1400, will be used in such appliances as set-top boxes and handheld computing devices.
said it will sell its 80% stake in memory-chip-module manufacturer
as part of a plan to focus its investment portfolio on pure Internet plays. The company also endorsed a move by technology magazine publisher
, of which Softbank owns 69%, to explore strategic alternatives to jumpstart its stock, including selling some or all of its operations.
More tech news and commentary are available in
Tech Stocks section.
consumer price index
, which came in unchanged for the month of June, below an expected 0.1% increase and matching last month's flat rate. The core rate, which excludes food and energy costs, increased 0.1%, 0.1 percentage point below expectations and on pace with May's 0.1% increase. The agency also released figures showing
initial jobless claims
at 310,000 for the week ended July 10, marginally higher than expected and up from the prior week's 299,000.
Colombia has accepted a $3 billion loan offer from the
International Monetary Fund
, Finance Minister
Juan Camilo Restrepo
said it will sell $10 billion in assets over the next three years as part of a plan to cut its refining capacity in the face of slim profit margins. The plan starts with BP Amoco's Alliance refinery in Louisiana, which the company said it would put up for sale. Separately, BP Amoco set plans to sell its
Plaskon Electronic Materials
unit to the U.K.'s
for about $121 million.
More international news and commentary are available in
The world has long known that China has the neutron bomb -- it exploded its first one 11 years ago. But yesterday the country said it developed that technology on its own, without having to resort to espionage, as the recently released
alleges. Still, Americans can rest easy knowing the U.S. remains the only nation with full "Neutron Dance" capabilities, first developed by the
more than 15 years ago.
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