Stocks stand corrected.
The stock market swooned again on another day of sharply negative breadth, with proxies led to the downside by the
Nasdaq Composite Index
. The Comp entered bona fide correction territory today with the loss of another 48.06 to 2539.93, 11.3% off the all-time high of 2864.40 it set on July 16.
The other indices suffered, too. The
shed 16.85 to 1305.33; the small-cap
dumped 6.59 to 429.69; and
TheStreet.com Internet Sector
index plummeted 29.16.
Dow Jones Industrial Average
lost a scant 2.54 to 10,674.77, despite getting 53.82 points of support from acquisition target
The 30-year bond was rallying on news that the
scrapped its planned sale of long bonds in November. The Treasury also said it aims to begin a debt buyback by Jan. 1. The prospect of shrinking supply had lately sent the 30-year bond up 17/32 to 88 6/32, its yield falling to 6.121%.
The big European indices finished mixed, as France's
and the London
both closed in the red while Germany's
ended modestly higher.
Asian markets went both ways overnight, as Hong Kong's
closed up 117.18 to 13,591.02, while Tokyo's
dropped 284.55, or 1.6%, to 17,685.38.
More markets news and commentary are available in
, the umbrella firm of
co-founder Paul Allen, will buy 1.5 million shares of Allegiance common stock from its existing private equity investors at $50 a share.
said it plans to cut its management board to 10 to 13 members from the 17 now sitting on it. The company didn't set a date for the reduction.
set plans to buy Dow (Jones Industrial Average, that is) component Union Carbide for $9.3 billion in stock. Union Carbide stockholders, who will get 0.537 Dow shares for each share of Union Carbide, will hold a 25% stake in Dow after the deal.
Health Care Property Investors
is buying fellow health-care real estate investment trust
American Health Properties
for about $700 million in stock.
set plans to outsource parts of its communications gear manufacturing to five companies, including
Communications Test Design
. Nortel said it will immediately receive about $400 from plant sales, and save $250 to $300 million each year once the reorganization is complete.
More news on companies and stocks are available in
Stock News section.
signed a 5 1/2-year, $100 million deal with
to provide online greeting cards on AOL Web sites. The new deal is an expansion of a previous three-year, $10 million alliance between the two companies.
ADRs of Internet service provider
Internet Initiative of Japan
(IIJI:Nasdaq ADR) gained 8 5/16, or 36.1%, 31 5/16 in their trading debut.
had priced the offering at $23 apiece, above the expected pricing range of $18 to $20 an ADR.
last night posted a second-quarter loss of 27 cents a share, narrower than the three-analyst
prediction of a 32-cent loss and better than the previous year's negative $1.65 a share.
agreed to provide Internet access for users of
Dreamcast game console. Sega said that Dreamcast customers will be able to choose either 150 hours of monthly access for $19.95 a month, or unlimited access for $21.95 a month.
More tech news and commentary are available in
Tech Stocks section.
ambassadors today agreed to make British Defense Secretary
the alliance's next secretary-general, according to several wire reports citing diplomatic sources.
U.S. war planes bombed four Iraqi antiaircraft artillery sites after coming under fire in the northern no-fly zone, the U.S. European Command said.
The death toll from Monday's head-on collision of two trains in India has climbed to 278. Workers are still sorting through the tangled wreck.
U.K. cable company
is set to unveil a high-speed Internet service along with major shareholder Microsoft, the
More international news and commentary are available in
Talk about lifestyles. Professional sycophant
has been banned from Las Vegas'
after an incident in which he allegedly engaged in "lewd conduct" at a party in a private room of the casino restaurant. Witnesses claim to have spied Leach gamboling with several naked women through the glass windows that enclose the room in which the party was held. Leach said the incident was nothing more than "a harmless fun whipped-cream fight that lasted less than two minutes when dessert was served."