Dow Erases Losses to Close at Record High

The Treasury market rallied strongly.
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Wall Street gushed with affection for Internet and big tech stocks as the 30-year Treasury bond soared, pushing its yield down to 5.86%.

The

Dow Jones Industrial Average

, after struggling through a good portion of the day, dragged down by its financial components, did manage to close with a decent gain and close at an all-time high, ending above 11,300.

A profit warning from

Bank One

(ONE) - Get Report

helped trip up banks and credit-card companies. Bank One's earnings warning yesterday after the close triggered its swoon. It was off 12 5/8, or 22.7%, to 43. Bank One blamed the profit shortfall on reduced growth and margin prospects at

First USA

, its credit-card division. Bank One was most active on the

New York Stock Exchange

with 39.7 million shares changing hands.

The

Philadelphia Stock Exchange/KBW Bank Index

stumbled 2.3%, but managed to close off its intraday bottom.

Titanic tech stocks

Microsoft

(MSFT) - Get Report

,

Intel

(INTC) - Get Report

,

Cisco

(CSCO) - Get Report

and

Dell

(DELL) - Get Report

--- which jumped solidly on the day -- helped push the

Nasdaq Composite Index

and the

Nasdaq 100

to chunky gains.

MCI WorldCom

(WCOM)

, another Nasdaq big, offered up a helping hand in the effort.

An eye-popping rally in the Treasury market sent the yield on the 30-year Treasury bond tumbling. The bond rally offered a boost to the stock market.

On the NYSE, advancers beat decliners 1,611 to 1,383 on 847.3 million shares. On the

Nasdaq Stock Market

, losers edged winners 1,956 to 1,906 on 1.03 billion shares.

On the NYSE, 64 issues set new 52-week lows while 59 touched new highs. On the Nasdaq, 139 issues set new 52-week highs while new lows totaled 55.

On the Nasdaq, Dell was most active with 49.8 million shares changing hands. It was up 2 5/8, or 5.7%, to 49.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

Earlier...

2:53 p.m.: Nasdaq Climbs Further as Financials Continue to Get Slammed

While financials were getting routed and the

Nasdaq Composite Index

was surging, the benchmark 30-year Treasury bond has staged a supercharged rally, pushing its yield down to 5.87%.

2:06 p.m.: Nasdaq Clings to Gains in Mixed Market

The tech-beefy

Nasdaq Composite Index

continued to perform relatively well this afternoon while bank and forest and paper products were getting whacked.

1:22 p.m.: Midday Musings: Market's Post-Fed Muddle Continues

12:00 p.m.: Bank Stocks Continue to Get Walloped

Bank stocks were performing a swan dive this morning and were being led into the abyss by

Bank One

(ONE) - Get Report

, which was getting hammered after the company issued an earnings warning after the close yesterday.

10:57 a.m.: Financials Take a Toll on the Dow

Wall Street was crushing

Bank One

(ONE) - Get Report

after the company issued an earnings warning because of its credit-card division.

9:59 a.m.: Stocks Mostly Higher After Yesterday's Fed Move

A profit warning from

Bank One

(ONE) - Get Report

was dragging credit-card company stocks into the mud early on while tech stocks were beefing up the gains they enjoyed yesterday.