Last Week's Lessons Forgotten

Investors flock back to tech, thumbing their noses at the Fed.
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Let's see,

Alan Greenspan

and his cohorts

think that the wealth effect of the stock market is, in part, fueling the economy. So they keep raising interest rates, hoping to some extent that investors will get the hint. They never do, and actually thumb their collective nose in the esteemed

Fed

chairman's face.

Technology stocks continued their post-Fed celebration that began late Tuesday, with the

Nasdaq

rallying more than 177 points on top of yesterday's 100-point gain. Internet stocks went along for the ride.

TheStreet.com Internet Sector

index closed up 39.48, or 3.2%, at 1270.27, though it traded as high as 1289.58.

TheStreet.com New Tech 30 added 32.37, or 4.1%, at 813.59.

Somehow, people seemed to forget all about the losses the sector incurred over the past week and how painful and swift the damage was. And the

Barron's

article on burn rates? What article?

With the Fed and inflation numbers out of the way, traders can now look ahead to first-quarter numbers. And with guys like

CNBC

commentator Larry Kudlow spouting on about signs of a

slowdown, it's no wonder that investors are hopping right back on the bandwagon.

Traditional bellwethers continued to shine, perhaps in part due to the

Barron's

article that suggested many Net companies will not even make it through the year, that only the strong will survive.

Yahoo!

(YHOO)

closed up 5 7/16, or 3%, at 197 3/16, though it traded as high as 205 5/8.

eBay

(EBAY) - Get Report

, perhaps in response to ongoing rumors of an eventual deal with Yahoo!, closed up 18 1/8, or 8.5%, at 232 5/8. And

America Online

(AOL)

was able to eke out a 4 1/8-point gain, or 6%, to 71 1/2 after

proclaiming it had gone over the 22 million subscriber mark.

And B2B plays were a bargain after a couple of down days.

i2 Technologies

(ITWO)

closed up 23 3/8, or 15%, at 182 1/8;

Ariba

(ARBA)

finished up 20 5/16, or 8%, at 261 1/16;

E.piphany

(EPNY)

ended up 11 7/8, or 7%, at 180 3/4; and

Vignette

(VIGN)

climbed 34, or 17%, at 231 15/16.

And take a look at how well a few of the stocks that were high on

Barron's

burn list fared today.

Pilot Network Services

(PILT)

closed up 4, or 10.5%, at 42 1/8, though that is still a ways away from the 49 7/8 where it closed last Friday before the article was published.

ShopNow.com

(SPNW)

ended off 1/16 at 16 9/16;

CDnow

(CDNW)

was up 1/8, or 2.6%, at 4 15/16; and

PurchasePro.com

(PPRO)

rose 2 1/32, or 1.7%, to 122 1/32.

Among others on the list,

Secure Computing

(SCUR)

rebounded 1, or 5.3%, to 19 3/4.

Infonautics

(INFO) - Get Report

closed up 1 3/16, or 13%, at 10 9/16.

Peapod

(PPOD)

finished off another 1/16, or 2%, at 3.