Publish date:

Wednesday, July 21, 1999

The major indices end higher as tech stocks bounce back. Blue-chip and small-cap stocks were mixed.


You can open your eyes now.

Against many investors' greatest fears, stocks held their ground nicely today, with technology stocks -- which took the brunt of yesterday's beating -- snapping back particularly strongly. The

Nasdaq Composite Index

gained 29.35 to 2761.53, and Internet Sector

index picked up 21.61 to 615.34.

Blue-chips and small-caps were more mixed. The

Dow Jones Industrial Average

gained 6.65 to 11,002.78; the

S&P 500

rose 2.17 to 1379.27; and the

Russell 2000

advanced 1.07 to 454.62.

The big European indices finished solidly lower, with Germany's

Xetra Dax

, France's


and the London


all losing more than 1%.

Asian markets went south overnight. Hong Kong's

Hang Seng

lost 180.74, or 1.3%, to 13,419.66, while Tokyo's


shed 265.06, or 1.5%, to 18,257.52.

More markets news and commentary is available in


Markets section.


Cincinnati Bell


is buying fiber-optic carrier

IXC Communications


for about $3.2 billion, including assumed debt. Under terms of the deal, each share of IXC stock will be converted into 2.0976 shares of Cincinnati Bell stock.

Johnson & Johnson

(JNJ) - Get Report

set plans to buy biotech company



for $4.9 billion in stock, or about $61 a Centocor share, based on yesterday's closing prices.

Ryder System

(R) - Get Report

agreed to sell its school bus business to Britain's


for $940 million in cash.

United Parcel Service of America

filed today with the

Securities and Exchange Commission

for an initial public offering of about 10% of its common stock.

Morgan Stanley Dean Witter

will be the lead underwriter of the offering.

More news on companies and stocks is available in


Stock News section.


TST Recommends

(AMZN) - Get Report

is considering establishing a physical presence by setting up kiosks inside bricks-and-mortar retail chains, according to a person familiar with the matter.



the story this morning.

Art Technology


gained 6, or 50%, to 18 1/16 in its first day of trading, having been priced at $12 a share last night by lead underwriter

Hambrecht & Quist




, an online provider of business information, advanced 8, or 57.6%, to 22 in its trading debut. Lead underwriter

J. P. Morgan

priced the stock last night at $14 a share, at the top of its pricing range.

Insight Communications


picked up 5 7/16, or 22.2%, to 29 15/16 in its first day on the market. Lead underwriter

Donaldson Lufkin & Jenrette

priced Insight yesterday at $24.50 a share, above its pricing range of $21-$23.


was surging 35 5/16, or 126.1%, to 63 5/16 after the IPO was priced by

Credit Suisse First Boston

at a whopping $28 a share, above its $24-$26 range. had earlier traded as high as 92.

More tech news and commentary is available in


Tech Stocks section.

General News


Census Bureau

released figures showing June

housing starts

at a seasonally adjusted rate of 1.57 million units, down 5.64% from May.

Divers have located the body of

John F. Kennedy Jr.

, along with the wreckage of his airplane, off the coast of Martha's Vineyard.


Allied Domecq

agreed to sell its pub business to

Punch Taverns

for about $4.4 billion.


(NOK) - Get Report

will supply more than $100 million worth of digital subscriber line equipment to Internet access provider




More international news and commentary is available in


International section.


How's this for some legal advice: 1980s pop star

Gloria Trevi

and her former manager, Sergio Andrade, disappeared months ago amid allegations that the pair had lured underage girls into having sex with Andrade. Her lawyer, Francisco Gastelum, explained that they had "every intention" of presenting themselves to the authorities for questions. But he added that, after hearing that the police had issued an arrest warrant for Trevi, they immediately decided to hide.

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


dumb question? Even better. Send it to, and I'll do my best to answer every Saturday. 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.