IBM Rally Powers Dow

The Treasury market is also jumping.
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The clean pates and luxuriant locks of Wall Street have their rally caps in place this morning, at least in the tech game, with enthusiasm about

IBM

(IBM) - Get Report

helping to send major indices higher.

Coming off a strong analyst meeting yesterday, IBM was up 11 1/2 to 237 in early trading and was the

New York Stock Exchange's

biggest opening gainer.

Merrill Lynch

and

Credit Suisse First Boston

were among the firms genuflecting in Large Cerulean's direction this morning.

The

Dow Jones Industrial Average

was up 67 to 11,067, but 54 points of that was coming from Fat Periwinkle. The

S&P 500

was up 7 to 1371.

The more tech-focused

Nasdaq Composite Index

was up 23 to 2629, led by

Cisco

(CSCO) - Get Report

,

MCI WorldCom

(WCOM)

,

Yahoo!

(YHOO)

and

Amazon.com

(AMZN) - Get Report

.

TheStreet.com Internet Sector

index was up 7 to 664.

The smallish-cap

Russell 2000

was up 3 to 452.

The bellwether 30-year Treasury bond was up a strong 22/32 to 92 19/32, its yield easing to 5.78%.

Most Up at Open -- Nasdaq

CMGI (CMGI) , up 5 5/8 to 245 3/8

: The company formed an alliance in which

Gateway

(GTW)

will take a $200 million stake in CMGI.

Most Down at Open -- NYSE

Caterpillar (CAT) - Get Report, down 1 to 59 3/4

.

Most Down at Open -- Nasdaq

Immunex (IMNX) , down 5 5/8 to 133 13/16

: The stock soared yesterday on word that Immunex will seek expanded uses of its

Enbrel

drug for rheumatoid arthritis.