Federal Reserve Chairman Alan Greenspan’s positive marks for U.S. economic performance sparked a market rally Thursday, sending stocks into record territory. By Friday, the euphoria gave way to profit-taking, and trading for the first month of 1998 once again closed below the 8,000 benchmark. On the New York Stock Exchange, Amvescap moved up $9 to close at $92 after acquiring the asset management division of Liechtenstein Global Trust for $1.3 billion in stock and cash. The deal makes Amvescap a worldwide money-management concern. On the Nasdaq, ProSource, a food-service distribution company, took a $7 jump to $14.19 after being purchased by AmeriServe Food Distribution Inc. for $342 million, or $15 per share.
Vesta Insurance Group dropped $7.63 to close at $56 after lower-than-expected fourth-quarter earnings for the property and casualty insurance holding company. Anadigics stock plunged $19.81 to close at $14 following its downgrading by several investment firms that were disappointed in the semiconductor company’s fourth-quarter performance. Software developer CyberMedia closed down $2.69 at $7.06, also due to lackluster earning reports. Lehman Brothers and a number of other investment firms downgraded its stock.