Originally created 02/08/00

Business briefs: Nasdaq continues to surpass record



NEW YORK -- Stocks diverged in familiar fashion Monday, with technology shares leading the Nasdaq composite index higher for a sixth straight session while blue-chip industrials slumped.

The Nasdaq rose 77.63, to 4,321.77, coasting past its previous record of 4,244.14, set Friday. The Dow Jones industrial average fell 58.01, to 10,905.79, and the Standard & Poor's 500 slipped 0.13, to 1,424.247.

Declining issues outnumbered advancers by a 7-to-5 margin on the New York Stock Exchange. On the Nasdaq, advancing issues led by a 5-4 margin. NYSE volume totaled 915.13 million shares, compared with 1.03 billion in the previous session.

Technical difficulties plague Yahoo!

WASHINGTON -- Yahoo! Inc., which runs the most popular Web site on the Internet, suffered technical problems Monday, and its flagship Web directory was inaccessible for much of the day.

The company issued only a short statement acknowledging the outage, promising, "We're working as quickly as possible to identify and correct the situation."

Company officials were forced to deliver the admission by phone since their Web site was unavailable. Yahoo! said the problems began Monday at about 1:45 p.m. EST. The problem also apparently prevented all the company's customers from accessing free e-mail accounts through the Web site.

The failure didn't affect the company's stock Monday, trading up 50 cents to $354 on the Nasdaq Stock Market. Yahoo!'s market capitalization -- the value of all its outstanding shares -- is roughly $93 billion.

Morris buys news company stock

Morris Communications Corp. on Saturday closed on the stock purchase of Homer News Inc. of Homer, Alaska. The primary asset of Homer News is a community newspaper of the same name, which has a weekly circulation of about 3,800. Homer is about 150 miles southwest of Anchorage.

Homer News previously was owned by a group of four individual investors.

Morris Communications is a privately held media company with diversified holdings that include newspaper and magazine publishing -- including The Augusta Chronicle -- outdoor advertising, radio, book publishing and distribution and computer services.