Cyclical stocks

Alcoa

(AA) - Get Report

and

DuPont

(DD) - Get Report

powered the

Dow Jones Industrial Average

into record territory this morning, while Internet stocks slumped.

The Dow was up 31 to 10,863. Alcoa was up 3 9/16 to 58 15/16. DuPont was up 2 5/8 to 71 3/4.

DuPont, like other cyclicals, has soared lately as investors have bet that earnings will improve as economic conditions around the globe brighten, notably in Asia.

Mike Holland, chairman of

Holland & Co.

, speaking before the open, pointed to DuPont's earnings report yesterday as a sign that the Asian economic problems may have peaked. DuPont's sales to Asia in the first quarter were up 6%, he said. Holland owns DuPont stock.

Today, DuPont's board approved a split-off plan to establish

Conoco

(COC)

as a fully independent company.

The

S&P 500

was up 1 to 1363. The basic materials and energy industry groups were leading the big-cap gauge higher.

The

Nasdaq Composite Index

was up fractionally at 2603. The

Russell 2000

was down fractionally at 435.

TheStreet.com Internet Sector

index was down 12 to 685.

Meanwhile, the 30-year Treasury bond was down 20/32 to 95 7/32, yielding 5.58%.

On the

New York Stock Exchange

, advancers were beating decliners 1,439 to 1,134 on 286 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,693 to 1,579 on 305 million shares.

On the NYSE, 43 issues had set new 52-week highs while 11 had touched new lows. On the Nasdaq, 42 issues had set new highs while new lows totaled 15.

On the Big Board,

America Online

(AOL)

was most active, with 15 million shares changing hands. It was down 1/2 to 152 1/2. AOL posted better-than-expected earnings last night.

The second-most active stock on the Big Board was

McKesson HBOC

(MCK) - Get Report

, which was down 30 5/8, or 46%, to 35 1/8, on volume of 14 million shares. This morning the company restated results for the fourth quarter and year to reverse more than $40 million in improperly recorded software sales because they were subject to contingencies. The company also revised its full-year earnings goal for fiscal year 2000 to $2.50, down from its previous goal of $3.

Meanwhile on the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 8 million shares changing hands. It was up 1/2 to 84 9/16.

10:03 a.m.: Stocks Open Mixed as Internet Sector Takes a Tumble

The major market barometers were mixed early on, while Internet stocks were getting hammered.

The

Dow Jones Industrial Average

was up 28 to 10,860. The

S&P 500

was up 2 to 1364. The

Nasdaq Composite Index

was down 7 to 2595. The

Russell 2000

was down 1 to 434.

TheStreet.com Internet Sector

index was down 14 to 683.

Trading in

McKesson HBOC's

(MCK) - Get Report

stock has been delayed because of an imbalance and will be dramatically lower once it opens for trading after the company restated results for the fourth quarter and year to reverse more than $40 million in improperly recorded software sales because they were subject to contingencies. The company also revised its full-year earnings goal for fiscal year 2000 to $2.50, down from its previous goal of $3.

The 30-year Treasury bond was down 22/32 to 94 5/32, yielding 5.59%.

Most Up at Open -- NYSE

Mead (MEA) , up 1 15/16 to 40 1/2

.

Most Up at Open -- Nasdaq

Walbro (WALB) , up 7 1/16 to 19 3/8

:

TI Group

, a UK-based global automotive supplier and engineering company, announced a tender offer for Walbro, an Auburn Hills, Mich., manufacturer of vehicle fuel storage and delivery systems.

Most Down at Open -- NYSE

IBM (IBM) - Get Report, down 2 1/4 to 209 1/4

.

Most Down at Open -- Nasdaq

MindSpring (MSPG) , down 6 3/16 to 109 1/2

: The Internet services provider yesterday posted first-quarter earnings of 16 cents a share, beating the First Call eight-analyst estimate and up from the year-ago 8 cents.