Markets

The

Dow Jones Industrial Average

, the

S&P 500

and the

Nasdaq Composite Index

all closed down today, with Internet stocks suffering for the second straight day.

TheStreet.com Internet Sector

index lost 29.72, or 6.8%, to 405.97.

The Dow lost 46.34 to 9274.64, the S&P 500 lost 9.88 to 1231.93 and the Nasdaq lost 14.82 to 2166.95, while the

Russell 2000

rose 1.50 to 411.91.

European bourses in general were lackluster.

For more markets action and news, click

here.

Companies

Boeing

(

(BA) - Get Report

BA:NYSE) announced that it has delivered 550 commercial jets this year to meet its 1998 goal.

The

Federal Trade Commission

conditionally approved

British Petroleum's

(

(BP) - Get Report

BP:NYSE ADR) purchase of

Amoco

(

(AN) - Get Report

AN:NYSE). But FTC boss

Robert Pitofsky

said that it would be dangerous for the oil industry to consolidate any further.

CBS

(

(CBS) - Get Report

CBS:NYSE) is selling its 50% stake in the

CBS Eye on People

cable network to partner

Discovery Communications

.

Pinched by sinking oil prices,

Conoco

(

(COC)

COC:NYSE) announced that it will cut 975 jobs to reduce expenses by $500 million.

Real estate investment trust

Hospitality Properties Trust

(

(HPT)

HPT:NYSE) said that it will buy 17 hotels from

Marriott International

(

(MAR) - Get Report

MAR:NYSE) for $201.7 million.

Air cargo plane operator

Kitty Hawk

(

(KTTY)

KTTY:Nasdaq) plans to eliminate 1,500 jobs at its American International Airways division amidst shrinking profit margins.

Clothing manufacturer

Salant

(

(SLT) - Get Report

SLT:NYSE) filed for Chapter 11 bankruptcy and named Michael Setola chairman and CEO.

For more news on companies and stocks, click

here.

International

State spending on public works helped China's economy grow by 7.8% in 1998, down by 1% from 1997's pace.

Nomura Securities

said it will pare back its loss-taking overseas operations in 1999 by cutting about 20% of its workforce in Europe and the Americas.

Russia missed a $363 million payment on $26 billion in loans owed to a group of about 600 Western commercial creditors. Meanwhile, Russian police are investigating the possibility that insiders at that country's

Central Bank

misappropriated as much as $1 billion in public funds.

Hong Kong Telecommunications

(

(HKT)

HKT:NYSE ADR) completed its acquisition of Internet service provider

Star Internet

.

For more international news and commentary, click

here.

Tech

Quickturn Design Systems

(

(QKTN)

QKTN:Nasdaq) rejected software maker

Mentor Graphics'

(

(MENT)

MENT:Nasdaq) new takeover offer.

Telecom service provider

RCN

(

(RCNC)

RCNC:Nasdaq) will combine its four Internet service provider businesses into a single entity branded

RCN.com

.

The

Telecommunications Industry Association

told the

Federal Communications Commission

yesterday that consumer access to the Internet is being hampered by excessive regulatory barriers.

The

Commerce Department

said it has relaxed regulations limiting exports of encryption software.

For more tech news and commentary, click

here.

Politics

U.S. aircraft attacked a defense site in southern Iraq early Wednesday after it fired several missiles at a British plane.

Cambodia's

King Norodom Sihanouk

refused amnesty for two Khmer Rouge leaders after Prime Minister

Hun Sen

said he would not try them for crimes against humanity.

A group of 200 villagers tortured and killed 8 Indonesian soldiers after forcing them off a public bus.

A county grand jury said today that it found no evidence of conspiracy in the Oklahoma City bombing.

Elsewhere

The

National Basketball Association

lockout quietly turned six months old today.

A jury in Richmond, Calif., awarded $255,000 to the owner of a dog accidentally shot by police in 1991.