First you get the data, then you get the money -- such is the thinking of a confused equity market coming to grips with the news that its
has certain "inclinations." There wasn't much data to ponder today, besides some discouraging airline revenue figures, which slapped the transports silly. The number-candy comes tomorrow morning, when the
releases its weekly
initial jobless claims
After bobbing in narrow ranges all day long, the major proxies rallied late to close solidly higher, albeit on quite light volume. The
Dow Jones Industrial Average
gained 50.44 to 10,887.39; the
Nasdaq Composite Index
added 19.04 to 2577.40; the
rose 10.91 to 1344.23; the smallish-cap
gained 3.69 to 446.14; and
TheStreet.com Internet Sector
index plumped up 8.14 to 647.50.
The bond market, on the other hand, sustained a rally for most of the day, the 30-year Treasury closing more than a point higher.
The big European indices finished higher, paced by the Paris
, which rose about 1.5%. Asian markets retreated overnight, as Hong Kong's
lost 223.96, or 1.8%, to 12,403.14, and Tokyo's
fell 250.44, or 1.5%, to 16,128.44.
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Transportation stocks got walloped after
BT Alex. Brown
said the deterioration of the airline industry's monthly revenue trends "is only likely to get worse." The comment came after
Air Transport Association
released figures last night showing revenue per airline seat falling by 3% in April, a drop as much as 1.5% steeper than analysts expected. Transport carnage was highlighted by
, which dumped 5 7/8, or 7.3%, to 74 11/16.
set plans to cut 2,500 jobs by the end of the year to trim expenses in its telephone network and operations unit.
Mutual dental insurer
Guardian Life Insurance
is buying managed dental care firm
for $25 a share in cash.
is buying telecommunications cable company
for $3.27 billion in cash, stock and assumed debt. Tyco plans to integrate Raychem's business with its electronics business.
That's a lot of bags of peanuts: Phoenix-based business-services firm
is selling its airline catering subsidiary,
for $780 million. SAirGroup plans to combine Dobbs with its own airline-catering unit,
Fortifying its Golden State presence,
agreed to buy Southern California bank holding company
For more news on companies and stocks, click
each posted quarterly results in line with or better than analysts' expectations last night.
numbers , and took closer looks in stories on
Applied Materials and
plans to merge its
Web site with closely held online toy seller
Web health-care service provider
confirmed its plans to buy privately held rival
. The deal will be a $5.5 billion stock transaction, according to
The Wall Street Journal Interactive Edition
, which cited people familiar with the matter. The new company's backers may include
, wrote the
today priced its secondary offering of 6 million shares -- 2.5 million of which belonged to some lucky shareholders -- at $20 a share. The company originally planned an offering of 8 million shares, but scaled things back to accommodate market conditions that a company spokeswoman said "have not been favorable."
For more tech news and commentary, click
A bomb exploded today outside the main mosque in the Macedonian capital of Skopje, killing two. The explosion occurred as
was visiting refugees along the Macedonia-Yugoslavia border north of Skopje.
jets continued to bomb Yugoslavian targets, though the alliance said the strikes were slowed by poor weather conditions. Serbian state media reported that NATO missiles caused "great material damage" and four civilian deaths in Kosovo. Meanwhile, envoys from the
group and Russia met in Bonn to refine the draft of a U.N. peace resolution for Kosovo.
International Monetary Fund
and Ecuador have reached a preliminary agreement on new loans. He didn't give details of the agreement, however.
10% stake in Russian oil company
will hang in the balance for at least another year, after a Moscow arbitration panel yesterday ruled that Sidanko be placed under external management for 12 months. BP Amoco, which is also a large Sidanko creditor, bought its stake for $571 million in 1997, but has been in danger of losing it since bankruptcy proceedings were brought against the Russian company in January.
For more international news and commentary, click
We've come to expect more than this sort of minor infraction from America's Team.
was arrested on two outstanding traffic warrants last night by the
Irving Police Department
, which released him in less than two hours on an $865 bond. But all hope's not lost for Thomas -- he's still under criminal investigation for an unrelated fight, according to an unnamed department supervisor quoted by
The Associated Press
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