Blue Chips' Winning Streak Ends

Blue-chip stocks were slightly lower Monday as profit taking halted the market's six straight sessions of record closes. The Dow Jones industrial average ended down 9.95 points at 7,772.09. On the broader market, declining issues led advances by a small margin on moderate volume of 418 million shares on the New York Stock Exchange. On a positive note, the technology-heavy Nasdaq composite index closed up 9 points at 1432.03.

Genesis to Acquire Multicare

Genesis Health Ventures says it is joining with a pair of investment companies to acquire New Jersey-based long-term health care company Multicare for $1.4 billion. Genesis is a care facility for the elderly. Genesis says it will invest $300 million in exchange for about 42 percent of the new acquisition venture. Investment firms Cypress Group and Texas Pacific Group are to invest $420 million for the remaining 58 percent. Multicare operates 155 facilities with about 16,000 beds.

Consolidated Communications Sold

McLeodUSA says it agreed to acquire fellow telecommunications firm Consolidated Communications in a deal worth about $420 million. The combined company would have about 200,000 local lines, 4,000 employees and 3,700 miles of fiber optic lines in a 14-state region, and publish 12 million phone books a year. McLeodUSA provides telecommunications services and competes with regional Baby Bell companies and GTE, which dominate local service in most of the United States. Consolidated is a telecommunications holding company.

KeyCorp to Buy Champion Mortgage

KeyCorp says it agreed to acquire home equity finance company Champion Mortgage for $200 million. KeyCorp, a $67 billion Cleveland-based banking company, says Champion provides the foundation for its consumer finance unit to expand its retail home equity financing business to a national level. Champion, based in Parsippany, N.J., will retain its name and operate as a subsidiary.

US Has Platform to Tout Economy

As it prepares to host the Denver G7 summit, the United States' biggest challenge may be to keep from bragging about its economy, blessed with good growth, low unemployment and a dwindling budget deficit. Ahead of the June 20-22 summit, U.S. officials note that at President Clinton's first summit in Tokyo in 1993, he was criticized for the U.S. budget deficit. How to sustain global economic growth will be a topic at the summit, which will gather leaders from Britain, Canada, France, Germany, Italy, Japan and the United States. Russian President Boris Yeltsin will take part in all of the sessions except one focusing on economic issues.

Treasury's Clout Growing

As President Clinton prepares to host his fellow leaders of the industrial world at the G7 summit, Treasury Department officials are playing increasingly important roles in areas once reserved for the State Department and the Pentagon. In April, Robert Rubin became the first Treasury Secretary to visit Vietnam, where he signed a debt deal and reviewed the status of Americans missing in action. Also in April, Rubin's deputy, Lawrence Summers, told the U.S. Chamber of Commerce about the economic benefits of enlarging NATO. Administration officials say Clinton's intent to raise the role of economics in foreign policy has benefited Treasury.

McDonald's Trial Near Climax

After 313 days of testimony, eight weeks of closing arguments and six months of deliberation, the British judge in a libel case pitting McDonald's against two activists is expected to render his verdict this week. The trial of the part-time barmaid and the jobless single father accused of libeling McDonald's is in the Guinness Book of Records as England's longest trial. Helen Steel and Dave Morris deny that they defamed the restaurant chain in a pamphlet, and have spent most of the past three years trying to prove it.

Negotiators Pursue Tobacco Deal

Sources close to the talks say state attorneys general are optimistic they can close a settlement agreement with the tobacco industry this week. The sources say some negotiators hope to have a proposal to the White House as soon as Tuesday or Wednesday. The settlement talks resumed Monday in Washington. The attorneys general represent states that have filed lawsuits seeking billions of dollars in reimbursement from cigarette makers for the cost of treating smoking-related illnesses. The sources say some problem areas such as punitive damages in lawsuits against the industry are not resolved.

Soybean Prices Fall

Soybean prices fell Monday, weakened by good growing weather for newly planted crops in the United States and renewed prospects of imports from South America. Forecasts called for showers across much of the U.S. Midwest, followed by warmer temperatures. The forecast was a nearly ideal recipe for good crop development. At the Chicago Board of Trade, soybeans for July delivery closed 16 cents a bushel lower at $8.38 1/2.

US Dollar Drops

The dollar fell Monday after fears of Japanese trade surpluses took hold and European Union leaders ended a dispute on stabilizing budgets for currency union, halting a rally against the German mark. The dollar fell more than a yen as the market prepared for Japanese trade deficits to be a topic when leaders of the Group of Seven industrial nations meet in Denver on Friday. The dollar fell to 113.43 yen from 114.80 yen on Friday. Against the mark it retreated more modestly, drifting down to 1.7315 marks from 1.7353 marks Friday.

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