Stocks sold off early when
dropped the inflation bomb on investors (see below). And like yesterday, most major indices spent most of the day deep in the weeds.
But unlike yesterday, that's generally where they finished. Only the
Dow Jones Industrial Average
managed to put together a strong two-minute drill, surging back to shallow negative territory in the final hour behind
, which gained 4 13/16, or 8.5%, to 61 3/4 (see below).
The Dow lost a scant 8.59 to 10,946.82; the
Nasdaq Composite Index
plummeted 61.27 to 2473.18; the
fell 15.25 to 1332.06; the small-cap
backed off 0.89 to 433.38; and
TheStreet.com Internet Sector
index stepped down 25.69 to 611.80.
The 30-year Treasury bond closed sharply lower. (For more on the fixed-income market, see today's
Major European indices finished mixed, with Germany's
down 0.8% and 0.6%, respectively, while London's
eked out a nearly 0.1% gain. In Asia, Hong Kong's
lost 15.97 to 13,570.24. Tokyo markets came back hungry from a three-day holiday, with the
rising 599.08, or 3.59%, to 17,300.61.
For more markets action and news, click
has elected CEO
to be its chairman. The company also elected two new board members:
Pharmacia & Upjohn
President and CEO
, chairman, president and CEO of
is set to sell its retail lending operations in India, Taiwan and Singapore to Dutch bank holding company
, according to
The Wall Street Journal
, which cited an unnamed senior BankAmerica official. The portfolio at stake is reportedly worth between $1.5 billion and $2 billion and includes auto loans and mortgages in all three markets and a
credit-card business in Taiwan.
yesterday acknowledged that its
division inflated its December sales to take the position of the top luxury car seller from
. GM said Caddy sold 4,773 fewer cars than it had reported, putting it squarely behind Lincoln.
For more news on companies and stocks, click
set plans to form a $3.6 billion satellite-based broadband service company with
is buying $5 billion in preferred convertible AT&T securities, in exchange for which Telephone will increase its use of the Windows operating system in its TV set-top cable boxes.
For more tech news and commentary, click
Fed Chairman Alan Greenspan
spoke today at a conference organized by the Chicago Fed. "The breadth of technological advance and its application has engendered a major upward revaluation of business assets, both real and intangible," Greenspan said. "That revaluation has induced a spectacular rise in equity prices that to many has reached well beyond the justifiable." He also noted the "critical risk" the tight job market poses to the U.S. inflation rate.
Terms of a Kosovo peace accord were reached at a Bonn meeting of Secretary of State
and European diplomats. The deal includes an armed international force that would secure the safe return of Kosovar refugees. But Yugoslav President
has given no indication thus far that he would accept an armed U.N. presence in Kosovo.
released figures showing initial jobless claims at 301,000 for the week ended May 1, 3,000 higher than economists' estimates and up 6,000 from the previous week.
Cable & Wireless
upped the ante for Japanese phone company
International Digital Communications
to about $730 million as it tries to outbid
Nippon Telegraph & Telephone
. Cable & Wireless already holds 17.7% of IDC.
reported on the battle last month.
set plans to cut 1,500 jobs, or more than 10% of its workforce, as part of a restructuring plan to reduce debt.
unit is forming a consortium to buy 54.4% of London electronic exchange
Tradepoint Financial Networks
for nearly $23 million. In addition to Instinet, the consortium includes
Morgan Stanley Dean Witter
, fund manager
For more international news and commentary, click
Everybody knows that
is sick of playing in Loserville. But sick enough to hang up the spikes before he breaks
all-time rushing record? That's what Sanders' father, the loquacious
The Detroit News
yesterday, adding, "I wouldn't blame him if he walks away from the game."
Treasuries just not funky enough for you? Godfather of Soul
is planning to issue bonds tagged to proceeds from his song royalties. Bond broker
, who floated $55 million in "Bowie Bonds" in 1997, is handling the sale, which is rumored to be valued at $100 million.
was granted parole today after serving nearly seven years in prison for shooting
Mary Jo Buttafuoco
in the face. She'll be released within a week, say officials.
Have a dumb question relating to finance? Great. Have a
dumb question? Even better. Send it to
MonEmailbag@thestreet.com, and I'll do my best to answer every Saturday. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.
here to read the most recent MonEmailbag.