Originally created 12/01/99

Business briefs: Technology stocks lose steam, dip Dow



NEW YORK -- Technology stocks, which have outrun the broader market for weeks, toppled it Tuesday. The Dow Jones industrials gave up a 97-point gain to finish with a loss as investors shed stocks, including AT&T and Intel.

The Dow Jones industrial average fell 70.11 to close at 10,877.81.

Despite the sharp decline of market averages, advancing issues outnumbered decliners by a 10-to-9 margin on the New York Stock Exchange. NYSE volume totaled 946.86 million shares, compared with 863.90 million in the previous session.

Amazon to expand into luxury items

NEW YORK -- Amazon.com Inc. is expanding its Internet retail empire yet again, this time taking a stake in luxury goods merchant Ashford.com, which sells everything from diamond rings to fine leather accessories online.

Under the deal scheduled to be announced today, Amazon will pay $10 million for a 16.6 percent stake in Ashford. The agreement starts immediately and will run through Dec. 31, 2000, the companies said.

Ruling: Shipbuilder can unionize

NEW ORLEANS -- A labor fight dating back a half-century ended Tuesday when an arbitrator ruled that 4,200 workers at Litton Avondale Industries, a major shipbuilder and defense contractor, would be represented by a union.

The AFL-CIO and the company said they expect to sit down early next year to negotiate what could be the first union contract at the company.

Industrial output inches upward

WASHINGTON -- Industrial production at the nation's factories, utilities and mines rose 0.6 percent in October, a little bit weaker than previously reported, the Federal Reserve said Tuesday. The Fed earlier had said that industrial production rose 0.7 percent in October, reflecting a rebound from Hurricane Floyd.