Word: dowing
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Dates: during 1990-1999
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America's most watched business-news channel nearly had to report its own demise. Owing $142 million and losing money, Financial News Network Inc. was headed for oblivion until, last week, it finally accomplished what it had been trying for five months: it sold important assets and raised cash. Dow Jones and Westinghouse Broadcasting jointly bought the flagship FNN cable news channel plus the company's weekend sports service, its syndicated program This Morning's Business and a radio news service for about $90 million...
Westinghouse Broadcasting will manage the properties while Dow Jones will have editorial control, which should lead to improvements in both areas. The Discovery Channel, another cable-TV venture, agreed to buy FNN Inc.'s interest in the Learning Channel for $12.75 million. FNN also plans to sell its 49% interest in Shark Information Services. Trouble is, that's all the assets. Acknowledging that it is still deeply in the hole, the company said it will soon file for bankruptcy protection...
Before the Persian Gulf war began, the stock market was in deep hibernation. But after hostilities got started, and with allied victory all but certain, investors staged fireworks of their own. Last week the Standard & Poor's 500 index hit a seven-month high of 369. The Dow exploded, rising 104 points to finish the week at 2,934.65 after a 100-point gain the previous week. The market has soared nearly 17% since the war began Jan. 16, more than regaining all the territory it lost in the months after Iraq invaded Kuwait...
...gulf. The moment of reflection turned out to be the only lull of the day. The opening bell was immediately followed by wild cheers and shouts of "Buy! Buy! Buy!" When the excitement was over, the exchange had recorded one of its busiest days in history. The Dow Jones average rose more than 114 points, the second highest one-day gain ever, to 2623.51. "The best scenario possible seems to be taking place," declared James Bellini, head of equity trading for the firm Dain Bosworth. "People realized that the outbreak of war was not as negative as they anticipated...
...first Iraqi missile attack on Israel gave investors pause, but they resumed their bullishness when there was no immediate retaliation. The Dow Jones average closed the week at 2646.78, up a record 145.29 points. In Germany the Frankfurt exchange registered its largest single-day advance in history and gained more than 1.6% for the week, while Tokyo's Nikkei index rose...