Helped by gains in the bonds, the stock market finished the day in positive territory, with most shares in the black. But tech stocks, buffeted by afternoon selling, ultimately didn't participate in the move.
Dow Jones Industrial Average
gained 107.39 to 11,107.76, driven by a surging
. Big Blue climbed 19 1/2, or 9%, to 245 on the day, after a raft of analysts came out with positive comments on the company following yesterday's annual analyst meeting.
closed at 1367.56, up 3.56.
lost 24.46 to 2582.08, hit hard by that late selling in tech. It had been up as many as 24 points.
added 1.58 to close at 450.84.
TheStreet.com Internet Sector
index fell 15.21 to 641.70.
Helped by weaker-than-expected prints on April
and the April
Producer Price Index
, the 30-year Treasury bond climbed 1 1/32 to 92 29/32, dropping the yield to 5.75%.
Major European indices finished higher, with the Paris
gaining 1.4% and London's
picking up about 1.8%; Frankfurt's
was closed for a holiday. Asian markets were mixed, with Hong Kong's
rising 40.7 to 13,053.67 and Tokyo's
off 96.11 to 16,851.25.
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filed an antitrust suit against
, charging that the air carrier used anticompetitive practices to drive smaller airlines from its Dallas hub. The suit comes after about two years of discussions between AMR and Justice officials on the matter.
set plans to cut 7,000 jobs and take at least $810 million in pretax charges over the next three years.
Cyprus Amax Minerals
set plans to sell its remaining coal mining operations to Germany's
RAG International Mining
for about $1.1 billion in cash and debt assumption.
Johnson & Johnson
and biotechnology firm
have suspended their merger talks, according to
The New York Times
The Wall Street Journal
, which cited snags over price and Centocor's co-marketing relationship with
are rocketing after it announced yesterday that its injectable gel cancer treatment, IntraDose, was given fast-track review by the
Food and Drug Administration
. The stock was lately up 4, or 142%, to 6 3/4.
unveiled details of the three-year restructuring plan announced in January. The plan includes selling to contractors most of its circuit board assembly plants, electromechanical subsystems and manufacturing operations as well as a large portion of its repair business.
Oxford Health Plans
as the company's chairman. Nazem will remain on the board.
Atlanta-based utility firm
said it is looking at "several" unsolicited offers for its 49%-owned, U.K.-based
South Western Electricity Board
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IBM's incredible run isn't over yet, according to
, which today reiterated its buy rating and raised its price target for the stock to 270. Yesterday CEO
told analysts that e-commerce accounts for about one-quarter of the company's revenue. IBM was lately up 16 1/8, or 7.2%, to 241 5/8.
said it expects third-quarter earnings to match analysts' estimates of a loss of 3 cents a share. The company is due to report May 18.
Revealing its softest side yet,
today launches a
Web site to sell appliances online.
For more tech news and commentary, click
producer price index
, which increased 0.5% for April, 0.1 percentage point lower than forecasted and up from the previous month's 0.2% rate. The core rate, which excludes food and energy costs, increased 0.1%, in line with expectations and unchanged from last month. The agency also released figures showing
initial jobless claims
at 303,000 for the week ended May 8, essentially matching expectations and unchanged from the previous week.
The Yugoslav army appears to be beginning a slow withdrawal from Kosovo, as foreign reporters watched about 120 Yugoslav troops leaving the province in a convoy of trucks and buses. Yugoslav Gen.
told reporters that continuing
attacks are responsible for the slow withdrawal pace.
today began impeachment hearings against President
Not naming names, U.K. food group
said it is in merger discussions with a number of companies.
South Korea is putting $2.5 billion into
Korea First Bank
to keep the bank afloat after a delay in the government's negotiations to sell it to
For more international news and commentary, click
, one of just four men ever to win each of golf's four major tournaments, died today from complications of pneumonia at a hospital in Naples, Fla. He was 97.
Rib-tickling as the prospect may have been,
is not going public. Joe Park, the founder of the
daytrading Web site who was recently subpoenaed by the
Securities and Exchange Commission
alleged pump-and-dump practices, yesterday confirmed that an email announcing his IPO plans circulated by Societe members Tuesday is nothing more than a hoax by one of his subscribers.
A group led by
, president of
, agreed to spend more than $200 million for the
and minority stakes in the
arena. Meanwhile, billionaire
announced that he is putting the
baseball team, which he bought in December 1986, up for sale.
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