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Quiet opening on Wall Street
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March 15, 1999: 10:20 a.m. ET
Despite flurry of billion dollar mergers, investors show caution
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NEW YORK (CNNfn) - U.S. stocks were off to a quiet start Monday, with most major indicators lingering around unchanged levels despite a total of $31 billion in corporate mergers and the Dow's proximity to the 10,000 milestone.
Shortly before 10 a.m. the Dow Jones industrial average rose 5.28 points to 9,881.63. Advancing stocks outpaced declines 1,123 to 1,051 as 83 million shares changed hands on the New York Stock Exchange.
The Nasdaq Composite gained 4.80 to 2,386.33 and the S&P 500 index was 0.05 points higher at 1,294.64.
The bond market was mostly lower, weighed down by weakness in the dollar, which dropped to its lowest level against the Japanese yen in a month. The benchmark 30-year Treasury bond was down 1/32 of a point in price for a yield of 5.52 percent.
The dollar fell against the yen as investors shifted money back into Japan ahead of the country's fiscal year end at the end of March. The dollar also moved lower against the euro, pressured by some strong German economic data.
Merger machine churns again
Much of the stock market's Monday performance was driven by a heavy dose of alliances and mergers in industries as varied as finance, chemicals and natural gas.
News that BankBoston (BKB) and Fleet Financial Group (FLT) are joining forces in a $16 billion deal sent BankBoston shares up 15/16 to 47-7/8 but the stock of Fleet fell 2-1/16 to 42-11/16.
Meanwhile, in another niche of the financial services industry, brokerage Donaldson, Lufkin & Jenrette (DLJ) shot up 1-5/16 to 65-5/16 after the company's online arm was ranked No. 1 in a survey by Barron's this weekend. Morgan Stanley Dean Witter 's (MWD) Discover online brokerage came in second, and the company's stock eased 1/4 to 100-7/8.
Elsewhere in the day's news, shares of Dow component DuPont (DD) eased 3/4 to 57 on news the chemical giant is paying $7.7 billion for seeds producer Pioneer Hi-Bred International (PHB). Trading in Pioneer's stock was delayed.
In the natural-gas business, shares of El Paso Energy (EPG) climbed 1-3/16 to 35-7/8 following news the company is buying Sonat (SNT) in a $6 billion stock and debt deal. Trading in Sonat's stock was delayed.
Meanwhile, in the high-tech sector, shares of Netscape (NSCP) climbed 3 to 87-7/8 after the Justice Department Friday cleared the way for the browser-maker/Web portal to merge with online service giant America Online (AOL). AOL's stock gained 1-11/16 to 97-13/16.
And shares of CMGI (CMGI), which is itself a major player in the ongoing merger of Lycos (LCOS) and USA Networks (USAI), shot up 10-3/4 to 174-3/4 on news the company will replace Netscape in the Nasdaq 100 index.
Transports take a trip to higher ground
Transportation stocks perked up as well, after UAL (UAL), the parent of the nation's largest carrier United Airlines, said it would beat earnings expectations for both the first quarter and the entire year, due partly to last month's pilot unrest at rival AMR 's (AMR) American Airlines.
UAL's shares rallied 4-5/16 to 71-3/8.
Shares of AMR rose 2-1/8 to 60-1/8 and Delta Air Lines (DAL), the third largest airline, shot up 1-3/8 to 65-3/8.
The Dow transports index gained 50.73 points, or 1.6 percent, to 3,318.24. 
-- by staff writer Malina Poshtova Zang
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