You've heard of stealth bear trends. You've even heard of
stealth bull trends. But today's broad rally -- and it was broad, including blue-chips, tech stocks, financials, pharmas, small-caps and transports -- had nothing to hide.
Strong breadth backed up sharp advances in both the
Dow Jones Industrial Average
, up 132.87 to 10581.42, and the
Nasdaq Composite Index
, up 79.66 to 2489.30. The
rose 29.95 to 1336.12; the
skyrocketed 11.23 to 426.57; and
TheStreet.com Internet Sector
index shot up 40.11 to close at 636.06.
Major European indices ended mainly higher, with the German
up 1.5%. London's
finished with a modest loss, however. Asian markets were mixed overnight, with Hong Kong's
jumping 133.98 to 12,543.76, and Japan's
sinking 202.09 to 16,495.02.
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yesterday reported first-quarter earnings of 46 cents a share on strong sales of lead drugs
, better than the 35-cent
estimate and up from 35 cents last year. But
Morgan Stanley Dean Witter
was not impressed and today downgraded the stock to neutral from outperform. Amgen was lately down 4 15/16 to 64.
today announced the abrupt resignation of CEO Philip M. Pfeffer, without giving a reason for his departure. He will be replaced by the company's chairman and former CEO, Robert DiRomualdo.
At its annual stockholders meeting today,
set plans to launch
, a Web portal for businesspeople, next month.
Food and Drug Administration
advisory panel recommended the approval of
, but withheld an important safety recommendation.
took a look at what the news means for Vioxx.
Right in line:
U S West
reported first-quarter earnings of 78 cents a share, the same as in the year-ago quarter and matching estimates. The phone company's CFO said he remains cautiously optimistic about 1999.
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reported first-quarter earnings of $1.55 a share after the close today, beating the 20-analyst estimate by 14 cents, and up from the previous year's $1.06.
are soaring after the company last night reported second-quarter earnings, excluding charges, of 82 cents a share, up from 25 cents a year ago and well above the 15-analyst consensus of 59 cents. Including the charges, the company lost 59 cents a share. Qualcomm was lately up 54 1/4 to 195 1/16.
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said countries that engage in heavy intervention to support a pegged value for their currency should not receive large-scale official loans. Speaking at
Johns Hopkins University
, the secretary also said he does not expect the conflict in Kosovo to affect U.S. fiscal discipline.
Remember that other U.S. military conflict? U.S. war planes attacked anti-aircraft sites in northern Iraq today after being lit up by Iraqi radar, according to the
Authorities now put the death toll from yesterday's
Columbine High School
shooting in suburban Denver at 15, including the two shooters themselves. At least 23 others have been reported hospitalized.
board formally accepted
takeover offer after the German government, which holds 72% of Deutsche Telekom, assured the Italian phone company that it would not interfere in the operations of a combined entity. But Telecom Italia still needs shareholder approval of the deal.
Dutch chemicals firm
said it will cut 2,050 jobs at its sluggish
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The latest participant in the
Chicago Public Schools
system's "Principal for a Day" program is none other than basketball great
, who filled the top office yesterday at
Marshall Metro High School
. Teacher Carol Rolowicz summed up the positive surprise, as well as the state of the American presidency, thus: "I was told that I would be getting a visitor, but I thought it would be someone like
... but Michael Jordan? This is the biggest thing that's ever happened to this school, including when
came 10 years ago."
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