Technology wasn't watching the bond market today. The
Nasdaq Composite Index
put together its third consecutive strong session since
last Thursday's big selloff, and with stiffer resolve than it's shown in a while. The normally volatile Comp didn't waver much in its upward march today, finally closing up 40.21 to 2,566.60. Net stocks contributed bigtime to the party,
TheStreet.com Internet Sector
index rising 18.76 to 654.09. The small-cap
surged another 4.96 to 446.81.
Blue-chip action was choppy, and the cyclicals weren't helping much. The
Dow Jones Industrial Average
eked out 18.90 to 11,026.15. The
surged 15.31 to 1355.61.
The 30-year Treasury bond closed sharply lower. (For more on the fixed income markets, see today's
The big European indices closed mildly positive. Frankfurt's
gained 0.8%, London's
picked up 0.5% and Paris'
rallied late to close fractionally higher. Asian markets let out some steam overnight, as Hong Kong's
dropped 288.83, or 2.2%, to 12,874.37, and Tokyo's
lost 233.8, or 1.4%, to 16,743.18.
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Electric and gas company
set a restructuring under which it will buy back 14% of its common stock, cut its dividend to 22 cents from 38.5 cents and sell some power plants.
plans to seek federal approval to use its
drug in treating patients with early, active rheumatoid arthritis. Enbrel is already approved for later-stage rheumatoid arthritis.
said that the
Food and Drug Administration
for use in treating "social anxiety disorder," or extreme shyness. No other drug has been approved for this disorder.
said that Chairman and former CEO John Roach will retire on May 20, a year earlier than originally planned. CEO Leonard Roberts will succeed him.
U S West
named CEO Solomon D. Trujillo chairman. He replaces Richard McCormick, who is retiring.
is expected to announce a deal to acquire fellow Missouri utility
Empire District Electric
for about $505 million in cash and stock, according to
The Wall Street Journal
, citing unnamed company officials.
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Morgan Stanley Dean Witter
to strong buy from outperform. Separately, AOL announced that it has signed deals to develop its AOL TV product with four partners:
Hughes Network Systems
set a 2-for-1 stock split after posting third-quarter earnings of 38 cents a share, a penny above the
Former and current
executives have made an unsolicited $1.6 billion bid for the company's semiconductor components unit, urging the board to make a decision soon.
said AOL will use its MediaGX microprocessor in its new Web TV-set-top boxes.
announced a deal to sell Web-based services to businesses around the world with
, the U.S. unit of Germany software company
Yahoo! Radio, 10 Internet radio stations with continuous music programming, in partnership with
, which Yahoo! is acquiring, and
For more tech news and commentary, click
released figures showing U.S. productivity increasing 4% during the first quarter of 1999, a bit cooler than the previous quarter's 4.6% clip but above the forecasted 3%.
Chinese media for the first time reported American and
apologies for the mistaken embassy bombing in Belgrade, but Chinese officials discounted those apologies as "indifferent" and "dismissive." Separately, Russian envoy
met with Chinese President
to discuss Russian efforts to end to the conflict in Kosovo, later telling reporters that the bombing must stop before peace talks can begin.
is getting ready to sweeten its bid for
in a big way. Olivetti set plans for a massive bond issue -- an issue speculated to be possibly twice as large as
record $8 billion sale -- to fund its takeover offer. Telecom Italia has 11 days left to decide between Olivetti's and
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Children's author and illustrator
was discovered dead at his Key West, Fla., apartment, apparently of a massive heart attack. He was 66.
yesterday announced plans to put out a previously unreleased
single later this year. The B-side will feature a never-before-heard recording of
enjoying a "quite tasty" ham sandwich.
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