10K euphoria --
you feel it -- gave way to earnings worries again today, and the market never really got off the ground. On the contrary, after struggling back from early losses, stocks fell into a curious midafternoon swoon after the
did what everyone expected it to do: nothing. (
reported on the Fed's inaction earlier this afternoon.)
Major proxies closed near their session lows. The
Dow Jones Industrial Average
lost 93.52 to 9913.26; the
shed 9.42 to 1300.75; the
Nasdaq Composite Index
dumped 12.55 to 2480.29; the small-cap
fell 0.98 to 398.78;
TheStreet.com Internet Sector
index sank 10.28 to close at 643.88.
European bourses closed mixed, while Hong Kong's
surged 251.74 to 10,940.21 amid residual
10K optimism. News of record-high unemployment figures in Japan (see below) kept the
cool. It sank 149.72 to 15,859.12.
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A California judge yesterday upheld a jury's $120.5 million judgment against
Aetna U.S. Healthcare
for refusing to cover the medical care of a patient who ultimately died from stomach cancer.
today said it will cut up to 4,500 jobs as it streamlines its operations after last year's merger of
First Chicago NBD
Another big hit on
: An Oregon jury today ordered the cigarette maker to pay a record $81 million to the family of Jesse Williams, who died of lung cancer in 1997 after four decades of smoking Marlboros.
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today announced the
, under which the companies will collaborate on a unified set of e-commerce products, including messaging, directory and security software.
Shares of Internet commerce firm
are soaring in their first day of trading, closing up 53 to 69 after hitting an intraday high of 85.
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Yugoslav television quoted
as saying he would be willing to reduce the Serbian military presence in Kosovo and allow Kosovar refugees to return home if
attacks ceased. But NATO rejected the proposal, sticking to the terms of the original peace agreement signed by Kosovar rebels, which includes agreeing to a NATO peacekeeping force in Kosovo. Back at the
said that the allies are "determined to stay with our policy."
Disagreement over the terms of a share-swap has killed the merger of Swiss aluminum group
and German industrial concern
, according to Alusuisse-Lonza CEO Sergio Marchionne. "The last thing I want to do is talk with Viag again about reskinning a cat," he said.
approved the $3 billion voice, data and Internet joint venture between
on the condition that AT&T sell U.K. long-distance unit
and distance itself from U.K. cable company
, in which AT&T holds a 22% interest. The joint-venture still needs U.S. regulatory approval.
The Japanese government released figures showing the unemployment rate at an all-time high of 4.6% in February, up 0.2 percentage point from last month.
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Divvy up that office pool. The
University of Connecticut Huskies
took the national title last night with an improbable 77-74 victory over the
Duke Blue Devils
. (Congratulations to
, who made the call.)
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