Investors took their second
Rorschach test and came away with a rosier view on the interest-rate outlook than they had after last week's
first go-round in the House. Stocks broke out of a morning slump as a relatively cheery
answered questions before the
Senate Banking Committee
. Stocks closed mixed, with the biggest gains coming in the technology sector. Market breadth, however, was negative.
Nasdaq Composite Index
rose 26.51 to 2705.84, and
TheStreet.com Internet Sector
index gained 13.51 to 584.32. The
picked up 2.56 to 1365.40, while the
Dow Jones Industrial Average
shed 6.97 to 10,972.07. The small-cap
inched forward 0.13 to 446.61.
The 30-year Treasury bond rose 2/32 to 89 17/32, its yield falling to 6.011%.
The big European indices finished flat to higher, with France's
closing flat while London's
gained about 0.5%.
Asian markets moved higher overnight, as Hong Kong's
added 65.33 to 13,140.42, while Tokyo's
picked up 117.19 to 17,579.91.
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Mutual fund manager
said its partners approved plans to take the firm public. The company said it expects to file with the
Securities and Exchange Commission
next month. The firm originally voted to go public last year, but shelved the plan in the face of last fall's market volatility.
Cable TV firm
, whose principal owner is
, filed with the
Securities and Exchange Commission
to raise about $3.45 billion in an initial public offering.
posted second-quarter earnings of 18 cents a share, 2 cents ahead of the 13-analyst
estimate but down from the year-ago pro forma 24 cents, before extraordinary items.
posted second-quarter earnings of 40 cents a share, ahead of the 14-analyst
estimate of 38 cents and above the year-ago operating earnings of 32 cents.
set plans to exit the insurance business by selling its property and casualty insurance operations to
. Financial terms weren't disclosed.
Pharmacia & Upjohn
posted second-quarter earnings of 41 cents a share, in line with the 16-analyst estimate and up from the year-ago 36 cents, which excludes a one-time charge of 8 cents a share from the settlement of a lawsuit.
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Stock News section.
reported a second-quarter loss of 10 cents a share, a penny narrower than the 30-analyst view. Compaq earned 2 cents a share in the year-ago period.
said it plans to open a manufacturing and design facility in Singapore that may contribute about 60% of the company's worldwide revenue within a few years.
gained 32 1/4, or 179%, to a stratospheric 50 1/4 in its trading debut. Lead underwriter
Morgan Stanley Dean Witter
yesterday priced the stock above-range at 18.
said it expects long-declining prices for computer memory chips to rise slightly starting next month, as a result of increased demand and low inventory levels.
yesterday signed a marketing agreement with
under which the online auto retailer will sell new cars through priceline's Web site.
More tech news and commentary is available in
Tech Stocks section.
released figures showing
durable goods orders
increasing 0.3% in June, 0.7 percentage points below expectations and down from May's revised 0.8% gain. Excluding transportation equipment, durable goods orders fell 0.4% in June, vs. a revised 1.4% decline in May.
confirmed that he will step down from his post as supreme allied commander in Europe in April, three months ahead of schedule. He'll be replaced by Air Force Gen.
, now vice chairman of the Joint Chiefs.
are expected to announce multimillion-dollar collaborations with two companies trying new applications for existing drugs, including using the antibiotic tetracycline to combat drug-resistant bacteria, the
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have broken the spirits of countless fans over the past 40 years. Now they've broken
too. Sanders announced today that he's leaving professional football after 10 years with the Lions, who have won just one playoff game in that period. Sanders is just 1,458 yards shy of breaking
career rushing record.