You'd almost swear it was the

Super Bowl


OK, the

Dow Jones Industrial Average

finally kissed the media-hyped, historic 10,000 mark.

One event down, one to go.

Now the next event that will put all of this Dow 10,000 stuff behind us is for the venerable blue-chip average to


above five figures and everything will sort of, well, get back to as normal as things can be in the market these days.

Ironically, it wasn't a superstar superperformance stock that led the Dow's hop to five figures today. In fact, the push to get to 10,000 was supplied by chemical titan

Union Carbide


, which for a while now hasn't exactly been known for its tremendous performance or being a market driver. Before the open, Union Carbide released some positive news, and its opening was delayed for a while. Once it opened, however, it wasn't long after that that the Dow hit 10,000.

The Dow broke through the 10,000 mark

for the first time at 9:50 a.m. EST. The Dow traded as high as 10,001.79, up 43.02, before coming off those highs and slipping back below five figures.

Lately, the Dow was down 21 to 9937.

Away from the drama of the Dow today, the market's major indices -- including the Dow itself -- aren't moving much at all. The

Nasdaq Composite Index

was sporting a 0.3% gain, but in this age of volatility, that's really nothing special, is it?

Meanwhile, a

speech from

Federal Reserve


Alan Greenspan

in San Francisco registered a yawn overall from the market.

The Nasdaq Comp advanced 7 to 2438. Among specific tech-sector indices, the

Philadelphia Stock Exchange Semiconductor Index

was up 4.2%.

Morgan Stanley Dean Witter

raised its rating on several semiconductor equipment makers today, helping bolster the sector.


S&P 500

slipped 2 to 1305. The small-cap

Russell 2000

slumped 1 to 400.

Internet stocks gained overall, with e-commerce issues gaining the most ground. Internet Sector

index was down 1 to 603, while E-Commerce Index

added 1, or 1.1%, to 111.

While much has been made of Dow 10,000, particularly by the media, for a number of market participants it didn't really mean much.

"I think it's a yawner right now," said Jay Suskind, head of institutional equity trading at

Ryan Beck

, of the big round number.

Ted Bridges, vice president and money manager at

Bridges Investment Counsel

in Omaha, Neb., said Dow 10,000 was interesting historically. But analytically, he added, "it doesn't mean anything."

He said he's focusing on where the leadership in the market and the earnings growth seems to be.

Bridges noted that it seems like the tech stocks are trying to regain their footing, but their leadership is not quite as strong as it once was. The good news is that the market is seeing other sectors fill in, including the brokerage sector, and also bank and drug stocks which have been acting pretty well lately.

Today, brokerage stocks were flying. The

American Stock Exchange Broker/Dealer Index

was lately up 2.9%, in part on some price-target increases for a couple of stocks and an earnings estimate increase for

Charles Schwab


from a Morgan Stanley Dean Witter analyst.

Bridges said the two most troubling things in the market right now are that valuations are pretty high and that breadth "isn't particularly great."

Indeed. Market internals were negative. The

New York Stock Exchange

, decliners were beating advancers 1,624 to 1,173 on 409 million shares. On the

Nasdaq Stock Market

losers were leading winners 2,073 to 1,545 on 548 million shares.

On the NYSE, 50 issues had set new 52-week lows while 46 had touched new highs. On the Nasdaq, 73 issues had set new lows while new highs totaled 59.

"I don't see much action," Suskind said, adding that big trading in the market today has been limited to the larger names.

Suskind noted this morning that volume is light, and there's no momentum in the rest of the market, which to him "shows a cautionary flag."

Bridges said he's looking for stocks where the valuations are reasonable and whose earnings growth prospects are good. "That's a tough task," he said.

But not impossible.

He said lately he's been buying

Transaction Systems Architects




(QCOM) - Get Report


The 30-year Treasury bond was up 24/32 to 96 25/32, yielding 5.47%. (For more on the fixed-income market, see today's early

Bond Focus.)

Meanwhile, among other indices, the

Dow Jones Utility Average

was up 0.2% and the

Dow Jones Transportation Average

was down 0.8%.


American Stock Exchange Composite Index

was down 0.8%.

Most active on the Big Board was

America Online


, with 13.3 million shares changing hands. It was up 2 9/16 to 104 9/16.

On the Nasdaq,

(EFAX) - Get Report

was most active, with 16.3 million shares changing hands. It was up 38%. More on below.

Tuesday's Midday Movers

By Heather Moore
Staff Reporter

As noted above, Dow component Union Carbide was rising 1 7/16 to 44 15/16, off its session high of 46, after saying its first-quarter earnings will come in near 47 cents a share. The 10-analyst

First Call

consensus called for 34 cents vs. the year-ago $1.01.

Elsewhere among the gilded 30,


(MRK) - Get Report

was climbing 1 1/2 to 85 3/4, on pace for a new high, after saying the

Food and Drug Administration

approved the expanded use of its cholesterol-lowering medicine


. Mevacor is now indicated to reduce the risk of first heart attack, unstable angina and coronary revascularization procedures. This benefit is widely seen as a class effect among the statin drugs, of which Mevacor is nowhere near the market leader.

Goldman Sachs

released a bouquet of details about its planned spring IPO. The 130-year-old investment bank said it hopes to raise $3.45 billion through the 60 million-share offering. The company, which applied to trade on the New York Stock Exchange under the symbol GS, expects the offering to be priced at $40 to $50 a share.

In other news:

A sampling of semiconductor equipment makers were rallying, some more than others, after

Morgan Stanley Dean Witter

upgraded the following to strong buy from outperform:

ASM Lithography

(ASML) - Get Report

, which was up 2 5/16, or 5.5%, to 44 11/16;



, up 1 1/2, or 6.4%, to 25 1/8;

DuPont Photomasks


, up 7/8 to 40 1/8; and

Etec Systems


, up 2 7/8, or 6.4%, to 47 7/8.



was up 2 11/16, or 6.7%, to 42 3/4 after

Hambrecht & Quist

raised the stock to buy from hold.



was up 2 5/16, or 16.3%, to 16 5/8 after announcing

EarthLink Network


agreed to use its TotalCommerce e-commerce payment services for a new Web-based store. EarthLink was up 2 1/16 to 71 3/4.

Cyberian Outpost


, a global Internet retailer of computer hardware, software and accessories, was up 5 1/2, or 29.7%, to 24 after unveiling its new online auction site,


eFax continued its climb, lately up 8 1/4, or 38%, to 29 3/4, on yesterday's news it will provide free fax-to-email service to


., which announced a secondary offering of 4 million shares, was down 3 9/16, or 5.1%, to 66 1/2.

FlashNet Communications


was soaring 27 13/16, or 163.2%, to 44 3/4 after its 3 million-share IPO priced above range a $17 a share. The company, making its market debut through

BancBoston Robertson Stephens

, is a provider of consumer Internet access and business services.



was up 13 7/8, or 12.2%, to 127 1/2 on news billionaire Paul Allen will invest up to $750 million for a controlling stake in the company.

HMT Technology


was down 1 13/32, or 23.7%, to 4 17/32 after

BT Alex. Brown

downgraded the stock to market perform from buy.

Pacific Internet


was up 7 5/8, or 19.1%, to 47 5/8 after

Lehman Brothers

started coverage at buy.



was down 5 3/8, or 7.4%, to 67 1/8 after Morgan Stanley Dean Witter initiated coverage at neutral. Hambrecht & Quist began coverage at buy.

Earnings/revenue movers

Laser Vision Centers


was up 2 9/16, or 8.3%, to 33 5/16 after reporting its February same-U.S. laser revenue rose 40% from a year ago.