Wednesday, February 3, 1999

Stocks continue to trade higher as the Fed stands still; how 'bout those wacky British accountants?
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Markets

U.S. stocks traded higher across the board at midafternoon, as blue-chips picked up the slack and started to chase the Internet and other tech stocks pacing the market's gains. Meanwhile, and as expected, the

Federal Open Market Committee

decided to leave well enough alone, keeping the federal funds rate at 4.75%.

TheStreet.com

reported on the inaction in a quick

story this afternoon.

European bourses closed lower, and Asian markets took yet another hit, with Japan's

Nikkei

dropping 188.52 to close at 14,161.31 and Hong Kong's

Hang Seng

losing 82.87 to 9,419.85.

For more markets action and news, click

here.

Companies

Atlantic Richfield

(ARC) - Get Report

and

Chevron

(CHV)

said they plan to combine their oil and gas operations in the Permian Basin in West Texas and southeast New Mexico.

J. Michael Cook

is calling it quits as chairman and CEO of

Deloitte & Touche

.

DuPont

(DD) - Get Report

said that it will form a joint venture with

Teijin

, the No. 1 manufacturer of polyester film.

Goodyear Tire & Rubber

(GT) - Get Report

will acquire 10% of

Sumitomo Rubber Industries

and take over the Japanese tire maker's U.S. and European operations.

Hilton Hotels

(HLT) - Get Report

is in talks to acquire a group of hotels from REIT

Patriot American Hospitality

(PAH) - Get Report

for up to $1 billion, according to

The Wall Street Journal

.

The Brain Drain is on at

Long-Term Capital Management

.

William Krasker

and Nobel Laureate

Myron S. Scholes

will leave the hedge fund four months after the firm's highly publicized near-implosion and subsequent bailout.

Time Warner

(TWX)

reported fourth-quarter earnings of 17 cents a share, two cents better than the average estimates of analysts polled by

First Call

.

For more news on companies and stocks, click

here.

Tech

MCI WorldCom

(WCOM)

said today that it will lease

Bell Atlantic's

(BEL)

network to offer local phone service in the state of New York.

Microsoft

(MSFT) - Get Report

Senior Vice President

James Allchin

conceded yesterday under cross-examination that Microsoft had misrepresented facts on a videotape serving as a key piece of evidence.

For more tech news and commentary, click

here.

International

Elf Aquitaine

(ELF) - Get Report

said its 1998 profit declined about 22% because of depressed oil prices.

For more international news and commentary, click

here.

General News

House

managers in the impeachment trial of

President Clinton

questioned White House aide

Sidney Blumenthal

today in a deposition lasting less than four hours.

Elsewhere

A U.K. study revealed that one in six accountancy trainees used illicit drugs such as marijuana, amphetamines, ecstasy and cocaine,

according to

The Electronic Telegraph

. One in four trainees also admitted to having no social life.

Expect more

PBS

pledge drives soon. A federal jury rejected a

Public Broadcasting Service

breach-of-contract claim against ex-

Monkee

Michael Nesmith and instead awarded Nesmith $47 million on a countersuit that the not-for-profit destroyed his video distribution company by bailing out of a distribution contract.

Have a dumb question relating to finance? Great. Have a

really

dumb question? Even better. Send it to

MonEmailbag@thestreet.com, and

TSC

columnist

Herb Greenberg

and I will do our best to answer. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.