After spending much of the day deciding what to do, technology stocks rallied into the close, benefiting from friendly economic data released earlier in the day.
closed up 83.16, or 2.2%, at 3851.07 after trading as low as 3695.35 earlier in the day. A downgrade of
proved disconcerting, though the soft
retail sales data continued to encourage traders who think the
is close to ending its tightening cycle. For dueling thoughts on the Fed, check out our own Jameses,
The grand poobah of the Fed, Chairman
, spoke today, but did not say anything to rile the markets, which also provided a lift. The market faces another key economic report tomorrow with the
Consumer Price Index
, and another friendly report would likely set the stage for a big rally. The recovery also coincided with the close of bond futures trading. Bonds were down much of the day, and the market occasionally waits for that market to close before moving.
TheStreet.com Internet Sector
index closed up 13.55, or 1.5%, at 913.63. Among the better performing Net stocks,
closed up 15 5/16, or 14%, to 123 13/16, though with no news behind the gains.
closed up 9 3/8, or 10.6%, at 98;
finished up 4 5/16, or 8.3%, at 56 3/8;
added 3 11/16, or 9.2%, to 43 13/16; and
Check Point Software
powered up 18 7/16, or 8.8%, to 228 5/8.
Salomon Smith Barney
initiated coverage of three B2B stocks, giving buy ratings to both
, and a less-friendly outperform rating to
. E.piphany closed up 10 13/16, or 12%, at 98 1/16, Vignette added 7/16, or 1.2%, to 38 1/2, while Broadvision ended up 3, or 6%, at 52.
Also among B2B plays,
closed up 9 1/16, or 30%, at 39.
put out a note on PurchasePro saying business was strong and tracking ahead of its estimate of $7 million in revenue and a loss of 32 cents a share. Prudential has done underwriting for PurchasePro.
On the downside,
finished off 7, or 28%, at 17 5/8 after the company warned of lower-than-expected revenue. The stock was downgraded by a number of research firms on the news. And the warning suggested trouble for other Net firms that rely on consumer ad revenue.
closed down 4 5/8, or 12%, at 33 3/8. And
, which owns roughly 11% of NBCi, closed down 2 11/16, or 8%, at 31 3/8.