After a solid morning's performance, stocks took a couple hours this afternoon to digest the economic
test that was
testimony (see below).
Then they tanked.
Dow Jones Industrial Average
dumped 144.75 to 9399.67, the
lost 17.77 to 1253.41, and the
Nasdaq Composite Index
shed 36.95 to 2339.40. The small-cap
dropped a meager 3.75 to 395.26, while
TheStreet.com Internet Sector
index picked up 8.79 to close at 505.74.
The transport sector managed to maintain a modicum of its midday gains. The
Dow Jones Transportation Average
rose 27.89 to 3249.60, led by
, up 3 9/16 to 93 7/16, and
Delta Air Lines
, up 2 13/16 to 60 3/4.
European bourses closed higher, while Asian markets closed mixed. Hong Kong's
shot up 243.58 to 9677.57 on massive institutional buying of
and short covering ahead of tomorrow's expiration of index futures. Japan's
lost 145.20 to 14,355.45 as yields on 10-year bonds rose a sharp 0.14% to 1.875%.
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disclosed that it has sent the
a $1 billion letter of credit. The letter shows the company's ability to pay a possible large lawsuit settlement while it extends its stock buyback by a further $1 billion.
Metropolitan Life Insurance
Asahi Mutual Life Insurance
are in talks to establish a U.S. joint asset management venture, the Japanese insurer said today.
Procter & Gamble
said it's considering selling its eye-opening
Splits in the offing:
and biotechnology firm
have both announced 2-for-1 stock splits.
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? Clarifying rumors of an impending major shift in the company's business model, the company said that it has paid about $21 million for a 19.9% stake in online retailer
, and plans to launch an e-commerce Web site. Gateway CEO Ted Waitt said that the company also purchased a warrant to significantly enlarge its stake in NECX in the future.
disclosed in a 13G filing that it holds a passive 7.2% interest in
$2.5 billion venture capital fund will soon start pumping money into broadband technology, according to fund chief Les Vadasz.
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Securities Exchange Commission
emphasized the need for independent directors of mutual fund companies to serve as a "force for accountability" for the industry.
Fed Chairman Alan Greenspan concluded is semiannual Humphrey-Hawkins
te stimony before the
House Banking Committee
is pursuing its $58 billion hostile takeover of
despite resistance from Italy's stock market regulator,
, according to Italian Communications Undersecretary Michele Lauria. Meanwhile, Telecom Italia acknowledged that it has been in merger talks with its cellular phone unit,
Telecom Italia Mobile
, to defend itself against Olivetti's bid.
The insurance industry continues its consolidation across the ocean, as
agreed to buy French insurer
for $540 million.
shareholder value. Packaged consumer goods manufacturer
set a special dividend of a whopping $8 billion.
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Everybody back to work: 38-year-old James Rodden was executed by lethal injection today. Rodden was the first prisoner executed in Missouri since Gov.
commuted the death sentence of murderer Darrell Mease at the request of
Pope John Paul II
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