U.S. stocks closed higher across the board after spiking up on word of the
Federal Open Market Committee's
decision to leave the federal funds rate at 4.75%. Blue-chips, Internet and other tech stocks all had their rally caps on; the
Dow Jones Industrial Average
gained 92.69 to 9,366.81, the
Nasdaq Composite Index
jumped 29.74 to 2,493.16 and the
rose 10.04 to 1,272.03.
TheStreet.com Internet Sector
index picked up 15.48 to close at 548.92, while the small-cap
gained a paltry 2.01 to 423.74.
European bourses closed lower, and Asian markets took yet another hit, with Japan's
dropping 188.52 to close at 14,161.31 and Hong Kong's
losing 82.87 to 9,419.85.
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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
said that it will form a joint venture with
, the No. 1 manufacturer of polyester film.
Goodyear Tire & Rubber
will acquire 10% of
Sumitomo Rubber Industries
and take over the Japanese tire maker's U.S. and European operations.
is in talks to acquire a group of hotels from REIT
Patriot American Hospitality
for up to $1 billion, according to
The Wall Street Journal
The brain drain is on at
Long-Term Capital Management
and Nobel Laureate
Myron S. Scholes
will leave the hedge fund four months after the firm's highly publicized near-implosion and subsequent bailout.
reported fourth-quarter earnings of 17 cents a share, two cents better than the average estimates of analysts polled by
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Advanced Micro Devices
today canceled plans to appear at two investment conferences: one scheduled for today at the
Nationsbanc Montgomery Securities Technology Week
conference in San Francisco, and one at a
conference next week in New York. AMD spokesman told
that the company is "not giving a reason" for the cancellations.
Read the latest from
week-long coverage of the Monty conference.
The online brokers continued to grab headlines today.
lost 3 to 55 1/4 as its site succumbed to
tech problems , while investors hungry for online brokerages drove shares of
(holding company for
) up 23 1/2 to 49 1/2.
said today that it will lease
network to offer local phone service in New York state.
senior vice president
conceded yesterday under cross-examination that Microsoft had misrepresented facts on a videotape serving as a key piece of evidence.
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said its 1998 profit declined about 22% because of depressed oil prices.
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managers in the impeachment trial of
questioned White House aide
today in a deposition lasting less than four hours.
A U.K. study revealed that one in six accountancy trainees used illicit drugs such as marijuana, amphetamines, ecstasy and cocaine,
The Electronic Telegraph
. One in four trainees also admitted to having no social life.
Public Broadcasting Service
, or PBS, pledge drives soon. A federal jury rejected a PBS breach-of-contract claim against ex-
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.
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