So that's what everyone was waiting for.
Volume returned to the market today after a
tamer-than-expected reading on the
Consumer Price Index
made those far-deferred profits in the technology sector seem a little safer than they have for much of the previous month. Tomorrow we get the G-man's reaction, when
testifies on monetary policy and the economy before the Joint Economic Committee.
Today's rally was broad, but technology was king. The
Nasdaq Composite Index
surged 103.00 -- a record single-day advance -- to 2517.67; the
Dow Jones Industrial Average
gained 189.96 to 10,784.95; the
picked up 29.22 to 1330.38; the smallish-cap
added 7.19 to 441.20; and
TheStreet.com Internet Sector
index jumped 44.42 to 548.50.
The big European indices finished higher, paced by the Paris
, which advanced about 1.4%.
Asian markets were mixed overnight, as Hong Kong's
added 219.71, or 1.7%, to close at 13,155.21, while Tokyo's
sank 71.82 to 17,210.18.
More markets news and commentary is available in
authorized a plan to buy back up to 50 million shares of its common stock, or about 7% of its outstanding shares. The buyback will take the form of a Dutch auction, with interested stockholders tendering shares at prices of $19.75 to $22.50 apiece.
CFO Richard Daniel will leave the company "in a few days"; he's the most senior executive to quit since Deutsche Bank finalized its purchase of BT. Separately, German tax authorities are investigating Deutsche Bank CEO
and three board members to see whether the bank installed systems designed to help customers evade taxes, a charge Deutsche Bank has denied.
Fifth Third Bancorp
agreed to acquire Indiana bank
in a $2.1 billion stock transaction.
said this morning that sales of
merchandise are meeting, and in some cases beating, estimates. The company declined to give any specific sales figures.
Pharmacia & Upjohn
agreed to acquire biotechnology company
for about $728 million in Pharmacia stock, or about $31 a share. Sugen closed Tuesday at 22 1/2.
Commercial mortgage lender
Starwood Financial Trust
agreed to acquire
TriNet Corporate Realty Trust
for about $1.57 billion in stock.
More news on companies and stocks is available in
Stock News section.
is sinking $45 million into
, and will create a joint online auction service with the venerable auctioneer.
(CARI:Nasdaq) picked a good day to start trading. The healthcare and e-commerce company gained 12 7/8, or 71.5%, to 30 15/16 after being priced yesterday at 18.
said it is buying 30% of closely held
, an online service targeted at Baby Boomers. CBS said it will spend $54 million promoting ThirdAge on its various media properties.
last night reported fourth-quarter earnings of 36 cents a share, topping the 30-analyst
prediction of 32 cents and moving ahead of the year-ago 27 cents.
More tech news and commentary is available in
Tech Stocks section.
released its Consumer Price Index, which came in unchanged for May, below the 0.2% increase expected by economists and down from last month's 0.7% rise. The core rate, which excludes food and energy costs, increased 0.1%, 0.1 percentage point lower than forecast and below April's 0.4% gain.
The Kosovo Liberation Army reaffirmed its committment to surrender its heavy weapons, according to the
. But KLA leaders said that they may not have control over every ethnic Albanian rebel unit. Meanwhile, Russian forces still control the airport in the capital of Pristina and are refusing entry to NATO troops.
U.K. soft-drinks bottler
said it is in talks to be acquired by Greece's
in a $6.9 billion deal. U.S.-based
owns 50.1% of both companies.
More international news and commentary is available in
has agreed in principle to coach the
Los Angeles Lakers
next year. Jackson, who's expected to be introduced at a news conference today, will sign a multiyear deal worth about $7 million a year, according to
beat the high-concept
2-1 last night to even the
finals at two games apiece.
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