News of a $16 billion technology pact between

IBM

(IBM) - Get Report

and

Dell

(DELL) - Get Report

has pumped up the tech sector early on.

As part of the contract, Dell will purchase storage, microelectronics, networking, and display technology from IBM for integration into Dell computer systems. In the future, the agreement is expected to include IBM's copper, silicon-on-insulator, and other advanced technologies.

The pact, which spans seven years, also calls for broad patent cross-licensing between the two tech titans and collaboration on development of product technology.

IBM was up 7 5/8 to 174 3/8, while Dell was up 3 1/4 to 83 1/8.

The tech-heavy

Nasdaq Composite Index

was up 28 to 2294.

Elsewhere, the

Dow Jones Industrial Average

was up 46 to 9322. The

S&P 500

was up 8 to 1236. The

Russell 2000

was up 2 to 393.

TheStreet.com E-Commerce Index

was up 1 to 97.

A quote for

TheStreet.com Internet Sector

index was unavailable.

The 30-year Treasury bond was down 3/32 to 93 18/32, yielding 5.70%.

Most Up at Open -- NYSE

American Express (AXP) - Get Report, up 1 15/16 to 109 3/4

:

Salomon Smith Barney

initiated coverage of American Express with a buy rating.

Most Up at Open -- Nasdaq

RF Micro Devices (RFMD) , up 6 13/16 to 88

: The telecommunications equipment company yesterday announced a 2-for-1 stock split.

Most Down at Open -- NYSE

DaimlerChrysler (DCX) , down 2 3/16 to 85 3/4

.

Most Down at Open -- Nasdaq

CheckFree Holdings (CKFR) , down 2 5/8 to 32 7/8

.