U.S. stocks flew out of the gate and never looked back, as blue-chips and tech stocks drove the
Dow Jones Industrial Average
Nasdaq Composite Index
to record highs.
The Dow gained 233.78, or 2.5%, to 9544.97; the Nasdaq leapt 69.35, or 3.1%, to 2320.62; and the S&P 500 jumped 27.57, or 2.2%, to 1272.35.
TheStreet.com Internet Sector
index vaulted 33.40, or 8.1%, to 445.35, while the small-cap
picked up a more modest 5.71, or 1.4%, to 427.80.
European bourses closed higher.
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CI:NYSE) reportedly is in talks to sell its property-casualty business to Bermuda insurer
ACL:NYSE) for more than $3 billion.
DIS:NYSE) Chairman and CEO
received a $5 million bonus for fiscal 1998, down 49% from the previous year in accordance with the company's sluggish 1998 performance.
Chief of Staff
will join buyout firm
as a partner.
NKE:NYSE) spiked upward on news that the
National Basketball Association
and the players union have reached an agreement that will save a portion of the 1998-99 season.
NOC:NYSE) said it will take a $125 million charge in the 1998 fourth quarter and estimated that 1999 profits will be as much as 20% beneath analysts' figures.
P:NYSE) announced that it will eliminate 1,400 jobs in 1999. The company also said that a $339 million charge will contribute to a net loss for the 1998 fourth quarter.
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APPL:Nasdaq) said it would post its fifth straight quarterly profit.
HAYZQ:Nasdaq) has ceased operations and is preparing for liquidation.
MSPG:Nasdaq) has agreed to buy the Internet access business of
unit for $245 million.
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Finance Minister Xiang Huaicheng said China will try to fend off recession by increasing government spending on public works.
agreed to sell its stake in semiconductor unit
Hyundai Group's Hyundai Electronics Industry
GUC:NYSE) skyrocketed after luxury goods maker
LVMH Moet Hennessy Louis Vuitton
LVMHY:Nasdaq ADR) said it bought a 5% stake in the company.
U.K. mobile telecom firm
has officially joined
BEL:NYSE) in the market to acquire
ATI:NYSE), with a competing offer of $54 billion.
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was sworn in, with Rep.
(R, Ill.) taking over as speaker of the
(R, Miss.) announced that the impeachment trial of
will begin tomorrow.
The government called its final witness yesterday in the antitrust trial against
Former Khmer Rouge general
warned that Cambodia could reenter civil war if the government reneges on Prime Minister
promise of immunity to two high-ranking Khmer Rouge defectors.
The civilian death toll in antimilitary riots in Indonesia has reached 17.
Baseball Writers Association of America
Baseball Hall of Fame