Goldman Makes a Smashing Debut but Most Other Stocks Falter

The Treasury market is slumping anew.
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Goldman Sachs

(GS) - Get Report

was soaring in its trading debut, while the market's major gauges were mostly weaker at midmorning.

Goldman was up 22 1/4, or 42%, to 75 1/4. Its IPO was priced yesterday at $53 a share. It was second-most active on the

New York Stock Exchange

, with 10 million shares changing hands.

Meanwhile, Internet stocks were showing signs of life after having taken a beating lately, while in the bond market, the Treasury market was down.

The 30-year Treasury bond was down 30/32 to 93 7/32, yielding 5.73%. The long bond's weakness of late has caused some alarm among some stock-market watchers.

TheStreet.com Internet Sector

index was up 15 to 648.

CMGI

(CMGI)

was soaring, up 19 11/16, or 8%, to 255.

The

Dow Jones Industrial Average

was down 38 to 10,977.

American Express

(AXP) - Get Report

was the biggest drag on the Dow, off 3 3/16 to 130 3/16.

Elsewhere, the

S&P 500

was down 9 to 1346.

The

Nasdaq Composite Index

was down 1 to 2534. The

Russell 2000

was up 2 to 436.

On the

New York Stock Exchange

, advancers were beating decliners 1,400 to 1,172 on 279 million shares. On the Nasdaq, winners were beating losers 1,590 to 1,568 on 254 million shares.

On the NYSE, 79 issues had set new 52-week highs while 7 had touched new lows. On the Nasdaq, 43 issues had set new highs while new lows totaled 20.

On the Big Board,

Key Energy Services

(KEG) - Get Report

was most active, with 11 million shares changing hands. It was up 1/8 to 3 5/16.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 9 million shares changing hands. It was up 3/16 to 80 3/16.

10:03 a.m.: Stocks Mostly Up After Monday's Record-High Close

The major market averages were mostly higher early on, a day after the

Dow Jones Industrial Average

closed above 11,000 for the first time ever

yesterday.

Meanwhile,

Goldman Sachs

(NYSE:GS) will begin trading today on the

New York Stock Exchange

. Shares of the investment bank were indicated at $70 to $80.Goldman's IPO was priced yesterday near the top of its range at $53 a share. An additional 9 million shares were added to the 60 million-share deal when Goldman exercised its overallotment option, bringing total proceeds to $3.7 billion.

TheStreet.com

wrote about the IPO in a story

last night.

The Dow was up 13 to 11,028. The

S&P 500

was down 1 to 1353. The

Nasdaq Composite Index

was up 3 to 2538. The

Russell 2000

was up 2 to 435.

TheStreet.com Internet Sector

index was up 7 to 640.

The 30-year Treasury bond was down 8/32 to 93 29/32, yielding 5.68%.

Most Up at Open -- NYSE

Gatx (GMT) , up 1 7/8 to 37 3/16

.

Most Up at Open -- Nasdaq

Wang Global (WANG) , up 3 5/16 to 10 1/16

:

Getronics

, a Dutch information technology company, is buying Wang in a deal worth about $2 billion. Getronics will buy all 46 million outstanding Wang shares for $29.25 each, a 15% premium over Wang's closing price yesterday.

Most Down at Open -- NYSE

Ameritech (AIT) - Get Report, down 1 15/16 to 65

.

Most Down at Open -- Nasdaq

Wall Data (WALL) , down 5 3/16 to 10 1/16

: The company yesterday warned it will report a fourth-quarter net loss due to its restructuring into two separate companies. The single-analyst estimate called for operating earnings of 25 cents a share vs. the year-ago profit of 7 cents. The company also said it hired an investment bank to explore the possibility of selling its

Rumba

Internet-hosting business or spinning off its

Cyberprise

enterprise information business.