Dow Climbs Past 10,600 as Cyclicals Jump

The Internet sector is taking a beating.
Publish date:

A positive open quickly turned sour for Internet stocks as cyberspace issues were down sharply at midmorning, while the

Dow Jones Industrial Average

was soaring, up 2% and blowing past the 10,600 mark.

Continuing last week's trend, cyclicals were jumping again, while breadth on both the

New York Stock Exchange


Nasdaq Stock Market

was positive. Internet Sector

index was down 26 to 643. E-Commerce Index

was down 8 to 123.


Nasdaq Composite Index

was up 2 to 2486.

The Dow was up 189 to 10,683.

J.P. Morgan

(JPM) - Get Report




were leading the Dow on the upside. J.P. Morgan was up 5 1/16 to 138 3/16, while Chevron was up 3 3/4 to 102 5/8.


S&P 500

was up 16 to 1335. The

Russell 2000

was up 3 to 424.

The 30-year Treasury bond was up 2/32 to 95 14/32, yielding 5.57%.

Cyclicals were rallying again after their impressive performance last week. The

Morgan Stanley Cyclical Index

was up 3%.

Oil and oil service stocks were up sharply, as the

CBOE Oil Index

was up 3%, while the

Philadelphia Stock Exchange Oil Service Index

was up 5%.


Philadelphia Stock Exchange Forest & Paper Products Index

was up 4%.

Bank stocks were higher in part on the heels of solid earnings reports, notably from


(C) - Get Report

, which was up 2 3/16 to 73 7/8. The

Philadelphia Stock Exchange/KBW Bank Index

was up 3%.

Brokerage stocks, however, were not enjoying a similar fate. The

American Stock Exchange Broker/Dealer Index

was down 1%.

Transportation stocks were flying. The

Dow Jones Transportation Average

was up 3%. Utilities were soaring too. The

Dow Jones Utility Average

was up 2%.

On the NYSE, advancers were beating decliners 2,127 to 631 on 323 million shares. On the Nasdaq, winners were beating losers 1,967 to 1,434 on 319 million shares.

On the NYSE, 110 issues had set new 52-week highs while 9 had touched new lows. On the Nasdaq, 58 issues had set new highs while new lows totaled 30.

On the Big Board,

America Online


was most active, with 15 million shares changing hands. It was down 6 to 133 3/4.

On the Nasdaq,


(DELL) - Get Report

was most active, with 9 million shares changing hands. It was up 1/4 to 38 9/16.

10:02 a.m.: Dow Climbs Anew Into Record Territory

Stocks opened higher as the

Dow Jones Industrial Average

was again in record territory, shooting above the 10,500 level.

The Dow was up 86 to 10,580, with


(C) - Get Report

powering the blue-chip average. Citigroup posted first-quarter earnings, excluding charges, of $1.04 a share. Including charges, the financial services titan reported earnings of $1.01 a share. The

First Call

22-analyst consensus estimate called for earnings of 87 cents. Citigroup was up 2 5/16 to 73 15/16.


S&P 500

was up 8 to 1327. The

Nasdaq Composite Index

was up 1 to 2485. The

Russell 2000

was up 2 to 424.

The 30-year Treasury bond was down 1/32 to 95 12/32, yielding 5.57%.

Most Up at Open -- NYSE

Chase (CMB) , up 3 3/16 to 89 1/4


Most Up at Open -- Nasdaq

TeleBanc Financial (TBFC) , up 9 5/16 to 101


Merrill Lynch

initiated coverage of the Internet bank with a near-term accumulate rating and long-term buy rating.

Most Down at Open -- NYSE

Dow Jones (DJ) , down 1 1/4 to 50 1/2


Most Down at Open -- Nasdaq

AmeriTrade (AMTD) - Get Report, down 7 to 119