Big-Cap Tech Stocks Lead Rebound but Dow Doesn't Come Along

The market looked a little healthier this morning after yesterday afternoon's sprint inspired a much-needed energy boost. Technology stocks were leading the charge, while the broader market was mixed.

Major Indices INDEX CHANGE % VALUE Dow 34.95 -0.3% 10,500.40 S&P 500 8.77 +0.6% 1407.82 Nasdaq 72.63 +2.2% 3343.24 Russell 2000 6.89 +1.5% 468.63 TSC Internet 13.68 +1.8% 784.93 NOTE CHANGE PRICE YIELD 10-Year Treasury 7/32 100 12/32 6.445%

"It's kind of a continuation of the second half of yesterday," said Bill Schneider, head of U.S. equity block trading at UBS Warburg, characterizing the recent action as a "return to normalcy rather than the roller-coaster moves" experienced of late. Speaking of scary rides, the Nasdaq Composite Index had shed 13% in the past week alone and yesterday came dangerously close to breaking through the key 3000 support level before rebounding more than 100 points. Lately the tech-laden measure was up 73, or 2.2%, to 3343, slipping off its intraday high. "There's a better feeling in the pit of your stomach," said Schneider.

The Dow Jones Industrial Average was lately in the red, down 35, or 0.3%, to 10,500. After a brave attempt to follow through on yesterday's strength, the blue-chip measure lost its nerve about a half-hour into trading. The heaviest drags on the Dow were Microsoft (MSFT Quote) and 3M (MMM Quote) which together accounted for more than 27 points worth on the downside. ...