Markets

Stocks bobbed around break-even for most of the day, but a late selloff left traders seeing more red than

Richard Nixon

at a

HUAC

hearing.

Major proxies took their lumps. The

Dow Jones Industrial Average

lost 127.10 to 9786.16; the

S&P 500

shed 14.34 to 1286.41; the

Nasdaq Composite Index

dumped 18.57 to 2461.72; the small-cap

Russell 2000

fell 1.14 to 397.64; and

TheStreet.com Internet Sector

index sank 0.87 to close at 643.01.

Major European bourses closed higher, while Asian markets were flat overnight. Hong Kong's

Hang Seng

lost 1.99 to 10,942.20 while Japan's

Nikkei

ended its

fiscal year by sinking 22.53 to 15,836.59, about 4% under last year's close of 16,527.17.

For more markets action and news, click

here.

Companies

Pharmaceutical firm

American Home Products

(AHP)

said today that it will cut about 2,500 jobs to boost productivity. The company had previously expected 1,000 jobs to be cut.

BP Amoco's

(BPA)

board gave the green light to the company's plans to buy

Atlantic Richfield

(ARC) - Get Report

, according to

The Wall Street Journal

, which cited unnamed people familiar with the negotiations. The paper also noted that the merger may run into problems with statutory limits on the exploration acreage companies may control in Alaska.

General Motors

(GM) - Get Report

announced plans to sell $400 million worth of auto parts to

Shanghai GM

, a joint venture between GM and

Shanghai Automotive Industry

.

Ford

(F) - Get Report

today completed its $6.45 billion acquisition of

Volvo Cars

, having integrated it with Ford's

Premier Automotive Group

division, which also includes the

Aston Martin

,

Jaguar

and

Lincoln

brands.

Blame it on

Coca-Cola

(KO) - Get Report

.

Pepsi Bottling Group's

(PBG)

100-million-share IPO opened flat, closing down 1 5/16 to 21 11/16, off their offering price of 23 a share. Yesterday Coke readied the Street for disappointing first-quarter global sales.

For more news on companies and stocks, click

here.

Tech

America Online

(AOL)

is renegotiating a two-year, $70 million content sharing deal between its

Netscape Communications

unit and Web directory

Excite

(XCIT)

, according to

CNet News.com

. The Web site said that AOL may seek to either salvage or cancel the deal, which has become less crucial to Netscape since it was bought by AOL, whose content Netscape's

Netcenter

portal may now use for free.

For more tech news and commentary, click

here.

General News

President Clinton

has earmarked $50 million, to be drawn from an emergency fund and the

Defense Department

, for aid for Kosovar refugees. Meanwhile, Russia said it will station a warship in the Mediterranean in response to the

NATO

airstrikes, although it claims it will not enter the conflict.

TSC

this morning

addressed the Balkan turmoil and the market's seeming

unconcern.

The

Commerce Department

released seasonally adjusted figures showing the nation's

gross domestic product

increasing at a 6.0% annual rate during the last three months of 1998, down 0.1 percentage point from the department's previous estimate.

International

The British government today announced that it has agreed to subsidize

BMW's

troubled

Rover

unit in its production of a new sedan at a plant in Birmingham, England. Britain did not specify the terms of the deal, which still needs approval from BMW's board and the

European Union

.

Japan's

Mitsubishi Electric

, part of the massive

Mitsubishi

keiretsu

, announced plans to cut 14,500 jobs, or 10% of its workforce, over the next three years. The company had already announced cuts of 2,600 jobs for this year.

Surprising economists who expected a slight drop, the French government released figures showing unemployment in that country jumping 0.3% in February to 11.5%.

For more international news and commentary, click

here.

Elsewhere

Butta-

fuoco

, Butta-

fuoco

... is that still funny? Maybe not, but the bizarre saga of

Amy Fisher

continues. Saying that she has forgiven Fisher for shooting her in the head seven years ago,

Mary Jo Buttafuoco

has joined prosecutors in support of a motion to vacate Fisher's conviction on the grounds that she was denied effective legal counsel when she pleaded guilty to first-degree assault. If the judge rules in Fisher's favor, she'll enter a new guilty plea on the same charge, for which prosecutors will recommend a lesser sentence that would make her eligible for parole in August.

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

really

dumb question? Even better. Send it to

MonEmailbag@thestreet.com, and I'll do my best to answer. 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.

Click

here to read the last Saturday's MonEmailbag.