Johnson & Johnson
, up 1/4, or a whopping 0.28%, to 90 1/4.
That concludes the list of positive closes in the
Dow Jones Industrial Average
today. Every other stock, except perhaps for break-even Steven
, did its part in helping that blue-chip index plummet 235.23 to 10,466.93, not to mention throwing into relief the
aberrant character of
yesterday's surprise blue-chip rally. The S&P 500 got rocked, too, closing down 23.35 to 1281.41.
Other indices took less dramatic damage. The
Nasdaq Composite Index
8.04 to 2419.14; the smallish-cap
dropped 2.49 to 432.92; and
TheStreet.com Internet Sector
index pulled back 12.63 to 559.38.
In other U.S. markets news, the
National Association of Securities Dealers'
board today approved a proposal to establish a late trading session for the
Nasdaq Stock Market
American Stock Exchange
. The second session would run Monday through Thursday from 5:30 p.m. EST to as late as 10 p.m. EST. The
Securities Exchange Commission
still needs to approve the proposal.
The big European indices finished squarely in the red, led by the Frankfurt
, which lost about 1.5%. In Brazil, the volatile
was down about 2.5% entering the afternoon session.
Asian markets were weak overnight, as Hong Kong's
dropped 100.63 to 12,308.53, and Tokyo's
fell 53.3 to 16,177.19.
More markets action and news is available in
said it plans to acquire specialty reinsurer
for about $606 million in stock.
negotiations to buy
in a $42.8 billion stock deal have come to a standstill because of issues of who would lead the combined entity and how to deal with Texaco's joint ventures with refineries and service stations, according to
The Wall Street Journal
, which cited people familiar with the talks.
Moving into the league lead with a two-day acquisition streak,
, a subsidiary of
, is buying Denver cable firm
for more than $2 billion. Yesterday Charter agreed to buy closely held
for $3.6 billion in cash, stock and assumed debt.
, 82% of which is owned by
, is buying billboard company
for about $8.3 billion in stock and assumed debt.
almost dipped into his Percodan stash on
Federal Trade Commission
approved the $13.5 billion combination of supermarkets
. The deal will create the nation's largest grocery chain.
agreed to buy
, which makes airborne reconnaissance and surveillance systems for the military, for $140 million in cash.
Patriot American Hospitality
and paired management company
set the terms of the spinoff of
. Wyndham will distribute 92% of Interstate to shareholders as a dividend, and retain the remaining 8% jointly with
named Henry McKinnell COO and president and elected John Niblack vice chairman.
More news on companies and stocks is available in
Stock News section.
filed yesterday with the SEC to raise about $46 million in an IPO.
Take that fork out of the Internet boom -- it's not done yet. Spanish language Web portal
rocketed up 19 3/8, or 74.5%, to 45 3/8 in its second day of trading.
is buying Internet access software maker
in a $130 million pooling-of-interests deal.
More tech news and commentary is available in
Tech Stocks section.
released figures showing
gross domestic product
growing at a 4.1% clip for the first quarter of 1999, 0.2 percentage points below expectations and down from the previous quarter's 6% increase.
initial jobless claims
for the week ended May 22 totaled 300,000, in line with expectations and essentially unchanged from the week earlier.
The Yugoslav war crimes tribunal has indicted President
and four others for atrocities in Kosovo, marking the first time an international court brought such charges against a sitting head of state. The
has already issued arrest warrants for Milosevic for war crimes allegedly committed this year in Kosovo.
, Germany's second-largest cable TV network, from diversified German companies
for about $773 million in cash and debt. Deutsche's strategy is to bundle several companies' cable assets into a single company and sell it to investors.
An Amsterdam court upheld
sale of a 42% stake to
against the complaints of
LVMH Moet Hennessy Louis Vuitton
, but the court also annulled a Gucci employee stock option plan that diluted LVMH's stake in the company. LVMH said it will take its case to another Amsterdam court.
More international news and commentary is available in
Three men turned themselves in to Wisconsin police yesterday for stealing a print of
Star Wars: Episode I -- The Phantom Menace
from a theater last weekend. The print's black-market value has been estimated at more than $60,000 -- still a hefty discount to the full admission price for the film in Manhattan.
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