It was not a knock-down street brawl, but bulls and bears did tussle today before the bulls won out.
closed up 48.31, or 1.3%, at 3845.72 after a late spurt, having traded on either side of unchanged for much of the session. Internet stocks did not fare as well.
TheStreet.com Internet Sector
index closed down 2.61, or 0.3%, at 896.07, trading in a range between 881.15 and 896.07. The session was mostly nondescript and lacked much in the way of market-moving news.
A couple of stocks saw sizable turnarounds.
closed down 7/16, or 1%, at 42 3/4 after trading as high as 45 13/16 following some friendly comments from
Donaldson Lufkin & Jenrette
, which traded as low as 217 5/16, closed up 4 7/16, or 2%, at 231 1/16. The stock had seen profit-taking much of the week before today's recovery.
Among stocks in the news,
closed up 2 1/8, or 4%, at 54 7/16 after the service provider said it would give users mobile Internet access through Internet-ready phones from
closed off 1 3/32, or 26%, at 3 3/16. The online music store said that it was continuing to search for an investor or merger partner, though "there can be no assurance that an offer will be received from any of these groups or that a transaction will be consummated prior to June 30, or at any time." In addition, the company said if an offer is received, "the price of an offer may be below the current market price of CDNOW common stock."
closed up 3/16, or 7%, at 2 7/8 after the company said it would lay off 40 employees, or 20% of its staff in a move that would save it $15 million over the next year. In conjunction with the announcement, the company said it expects its loss per share to be better than the 36-cent loss Street estimate.
woes continued. It finished down 1 11/16, or 10%, at 15 7/16, and continued to drag down
, which owns 11% of NBCi. CNET finished down 2 11/16, or 9%, at 26 5/16.