U.S. stocks rode an afternoon rally to close solidly higher, led by the tech-laden
Nasdaq Composite Index
, which ended the session at a new record high.
The Nasdaq jumped 64.16 to 2,433.47, and the
Dow Jones Industrial Average
gained 121.58 to 9,324.58. The
rose 18.33 to 1,252.31, while the small-cap
picked up a meager 3.22 to 425.33.
TheStreet.com Internet Sector
index added 23.51 to close at 520.10.
European bourses generally closed modestly higher.
Asian markets also closed up, as Japan's
picked up 173.20 to close at 14,382.01, while Hong Kong's
gained 10.33 to 9,509.83.
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said it plans to offer low-sulfur gasoline in 39 U.S. cities within two years.
will slash 1,500 jobs and close eight plants.
said it will cut 2,900 jobs and close seven plants to reduce capacity in the face of a flood of low-priced garments from Asia.
has filed suit against
Ernst & Young
, charging it with negligence in its failure to detect the highly publicized book-cooking that scandalized Cendant last year.
shot up after the company reported earnings matching Street estimates and announced a 2-for-1 stock split. The stock lately was up 2 1/2 to 78 3/8.
The druggernauts rolled today as
American Home Products
Johnson & Johnson
all posted fourth-quarter numbers matching or beating estimates.
in the bidding war for the U.K.'s
. LucasVarity said it favors TRW's offer, the more generous of the two.
Packaging and auto-parts manufacturer
announced that it is selling a majority stake in its containerboard business to private equity company
Madison Dearborn Partners
for $2 billion.
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is expected to announce plans to spin off its
AltaVista Search Services
, according to
The Wall Street Journal
beat estimates for fourth-quarter earnings and announced a 3-for-1 stock split.
said it has hired
to help it sell
GTE Government Systems
, its telecom and defense systems subsidiary.
by setting its own 2-for-1 stock split today. See how
reacted to the news.
said it will license its
online communications technology to
in exchange for making Compaq's
the main search engine on Microsoft Network. Shares of
, whose search engine will be displaced by AltaVista, were lately down 18 3/4 to 129 1/2 on the news.
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today said that long-delayed plans to partially privatize
will move forward in February, when 17.3% of the company's shares will be priced for public offering.
Turkish holding company
Akmaya Sanayi Ve Ticaret
has acquired 65% of the Romania's
oil refinery for $725 million.
For the first time in 30 years, the best-selling car in Japan is not the
Suzuki Wagon R
minicar now holds that honor, with sales of 206,548 last year in Japan.
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House managers will ask the Senate for permission to call
as witnesses, according to
The Associated Press
said its consumer confidence index rose 0.9% in January, reaching its highest level since August.
U.S. military officials have confirmed
Iraqi News Agency
reports of civilian casualties from an American missile attack in southern Iraq.
figures show that U.S. union membership grew by more than 100,000 in 1998, although the overall percentage of workers who belong to a union dropped amid strong job growth.
The U.S. government ran a $5.4 billion deficit for the month of December, compared with a $13.6 billion surplus the previous year. The
said that an irregular Social Security payment schedule accounted for the deficit.
has filed for Chapter 11 bankruptcy.
has signed a two-year contract extension with the