Rate Increase Lifts Markets Amid Fed Move
U S stocks rose on Tuesday after the Federal Reserve raised rates by a quarter point and signaled possible further action. The Dow slipped 16.46 to 11283.30 while the S P 500 gained 3.28 to 1363.50 and the Nasdaq rose 32.80 to 2752.37 helped by tech shares.
MENTIONED IN THIS ARTICLE
NEW York
Federal Reserve
Fed
Wall Street
Standard & Poor
Alan Greenspan
Microsoft
Sun Microsystems
Sun
IBM
Onex offer would buy and combine airlines
Onex Corp proposes a 3.8 billion bid to merge Air Canada and Canadian Airlines into a single Air Canada branded carrier. The plan would cut about 5,000 jobs, mainly through retirements and attrition, and has been approved by Canadian Airlines board. Air Canada and Canadian Airlines would share sensitive data under relaxed antitrust rules for 90 days.
MENTIONED IN THIS ARTICLE
Montreal
Onex Corp
Air Canada
Canadian Airlines
Gerald Schwartz
Onex
Schwartz
Calgary
Canadian
Canada
Elder-Beerman plans changes to reverse losses
Dayton based Elder-Beerman Stores Corp reports a second quarter loss of 1.3 million dollars, 8 cents per share, as revenue rises 11.9 percent to 147.3 million. The retailer plans a stock buyback of 24 million dollars and shifts toward moderately priced clothing, plus new concept stores in Warsaw Indiana and Frankfort Kentucky.
MENTIONED IN THIS ARTICLE
Dayton, Ohio
Elder-Beerman Stores Corp
Eider-Beerman
Elder-Beerman
Ginny Focke
Focke
Warsaw
Ind
Frankfort
Washington State
L.P. Group
David Nierenberg
Family Fund L.P
Nierenberg
Elder- Beerman
Ohio
Indiana
West Virginia
Michigan
Illinois
Kentucky
Wisconsin
Pennsylvania
Internet probes widen on Web business practices
Federal and state authorities broaden probes into Internet service providers and online drug sellers. Investigators seek to curb fraudulent sites by holding providers liable for illegal activities via their networks, with action anticipated by year’s end and multiagency cooperation across FDA DOJ and state offices.
MENTIONED IN THIS ARTICLE
Richard Cleland
Federal Trade Commission
Rich D’amato
America Online Inc
AOL
Food and Drug Administration
Department of Justice
State of
Kansas
Eric A. Wenger
New York State
Internet Bureau
Rising yen positive for Japan's economy
The yen’s climb to seven month highs boosts investor interest in Japan’s stock market as the economy shows signs of a real recovery. Analysts say exporters may bear costs, but overall growth, higher stock demand, and a strong Nikkei offset the negative impact, with policy action unlikely unless the yen strengthens further.
MENTIONED IN THIS ARTICLE
Tokyo
Japan
Kiichi Miyazawa
U.S
Kenneth Landon
Deutsche Bank
Sony Corp
Landon
Also Mentioned on This Page
Peter Canelo
Morgan Stanley
Dean Witter
Treasury
Dan Laufenberg
American Express Financial Advisors
Financial
Chase Manhattan
Applied Materials
Combine Airlines
David Collenette
Ottawa
John Manley
Federal Competition Bureau
Kalli Reynolds
Powell
Amanda Albanase
Bexley
New York Stock Exchange
William Johnston
Michael Rayden
Limited Too, Inc
Columbus
Limited Too
Newsday
Cleland
Doug Yauger
State Attorney General’s Office
America Online
Yauger
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