Wall Street extended its advance today as investors considered several takeover developments and placed bets ahead of the Federal Reserve’s decision on interest rates.

The proposed takeover of online travel group lastminute.com marks another stage in a tumultuous roller-coaster ride for the company and its founders, Martha Lane Fox and Brent Hoberman.

Online travel group lastminute.com is to be bought up by the owner of rival Travelocity in a deal worth £577m (€843.8m), it was announced today.

Investors retreated modestly on Wall Street today, collecting profits after a six-day advance in the Dow Jones industrials.

Concerns over a widening congressional investigation of Enron further soured the mood on Wall Street today and sent stocks tumbling.