December 30, 1998

Neil MacFarquhar reports on how 54th annual Sydney-to-Hobart yacht race, one of five great ocean races in world, began in balmy, sunny weather in Sydney harbor, but within hours turned to disaster, with hurricane-force winds and mountainous seas slamming into boats; by time it was over, several yachts had sunk and at least four yachtsmen had died; two more are presumed dead; some explanations for catastrophe reviewed; photos (L)

Mike Freeman Sports of The Times column on groundbreaking program begun by National Football League Comr Paul Tagliabue to videotape interviews with 20 to 30 assistant coaches, most of them black, recommended by their teams as having potential to become head coaches and coordinators; tapes will form coaching data base to introduce owners and executives to new faces; photo (M)

Market Place column notes Nasdaq composite index, long home to stock market's hottest technology stocks, is on track for one of best years ever in 1998, rising nearly 39 percent compared with 28 percent gain for Standard & Poor's 500-stock index and more than double 18 percent gain in Dow Jones industrial average; attributes surge to large number of Internet stocks and dearth of cyclical companies, whose values have been crushed by collapse in commodity prices; graph (M)

11 European Countries Prepare for One Currency After decades of dreams, diplomacy and delays, the single European currency, the euro, is close to becoming a reality. Tomorrow, 11 European countries are to lock their exchange rates to the euro, now worth about $1.17, and cede to the new European Central Bank the power to set interest rates and monetary policy. The currency will officially be introduced on Friday.

Frick Collection will show Drouais's painting of Madame de Pompadour, on loan from National Gallery in London; 20-by-40-foot oval glass and stone mosaic, Oculus, will be installed on floor of World Financial Center's Winter Garden, and then, permanently, in Park Place IRT subway station; photos; several festive concerts are set for New Year's Eve (S)