Dow Jones Industrial Average
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
rose 1.50 to 411.91.
European bourses in general were lackluster.
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BA:NYSE) announced that it has delivered 550 commercial jets this year to meet its 1998 goal.
Federal Trade Commission
BP:NYSE ADR) purchase of
AN:NYSE). But FTC boss
said that it would be dangerous for the oil industry to consolidate any further.
CBS:NYSE) is selling its 50% stake in the
CBS Eye on People
cable network to partner
Pinched by sinking oil prices,
COC:NYSE) announced that it will cut 975 jobs to reduce expenses by $500 million.
Real estate investment trust
Hospitality Properties Trust
HPT:NYSE) said that it will buy 17 hotels from
MAR:NYSE) for $201.7 million.
Air cargo plane operator
KTTY:Nasdaq) plans to eliminate 1,500 jobs at its American International Airways division amidst shrinking profit margins.
SLT:NYSE) filed for Chapter 11 bankruptcy and named Michael Setola chairman and CEO.
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State spending on public works helped China's economy grow by 7.8% in 1998, down by 1% from 1997's pace.
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
misappropriated as much as $1 billion in public funds.
Hong Kong Telecommunications
HKT:NYSE ADR) completed its acquisition of Internet service provider
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Quickturn Design Systems
QKTN:Nasdaq) rejected software maker
MENT:Nasdaq) new takeover offer.
Telecom service provider
RCNC:Nasdaq) will combine its four Internet service provider businesses into a single entity branded
Telecommunications Industry Association
Federal Communications Commission
yesterday that consumer access to the Internet is being hampered by excessive regulatory barriers.
said it has relaxed regulations limiting exports of encryption software.
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U.S. aircraft attacked a defense site in southern Iraq early Wednesday after it fired several missiles at a British plane.
King Norodom Sihanouk
refused amnesty for two Khmer Rouge leaders after Prime Minister
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.
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.