Late Bout of Selling Pushes Stocks Into the Red

Among major indices, only the Russell managed to close in positive territory.
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A late-session selloff sent most major market averages to close in the red, with the

Nasdaq Composite Index

suffering the most, while the

Russell 2000

managed to finish on the plus side.

The Russell 2000 advanced 1.89, or 0.4%, to 448.03.

The selling began in earnest around 3 p.m. EDT. The Nasdaq Comp tumbled 34.98, or 1.4%, to 2542.42.

The

Dow Jones Industrial Average

slipped 20.65, or 0.2%, to 10,866.74. The

S&P 500

gave up 5.40, or 1.4%, to 1338.83.

TheStreet.com Internet Sector

surrendered 22.71, or 3.5%, to 624.79.

The 30-year Treasury bond was down 8/32 to 91 23/32, yielding 5.839%.

On the

New York Stock Exchange

, advancers beat decliners 1,729 to 1,208 on 750 million shares. On the

Nasdaq Stock Market

, winners beat losers 2,272 to 1,743 on 998 million shares.

On the NYSE, 53 issues set new 52-week highs while 27 touched new lows. On the Nasdaq, 118 issues set new highs while new lows totaled 35.

On the Big Board,

America Online

(AOL)

was most active, with 15 million shares changing hands. It was down 5 1/4 to 129 1/4.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 29 million shares changing hands. It was down 1 1/2 to 38 1/4.

Meanwhile, in tech stock news,

CNET

(CNET) - Get Report

said today that it will join the

Nasdaq 100

effective at the close of trading on Monday, May 24. CNET advanced 6 1/4, or 5%, to 125 3/4.

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

3:01 p.m.: Stocks Up Slightly in Narrow Range Trading

The

Russell 2000

continued to lead the market on the upside, outperforming the rest of the market's major barometers as they continued their recent narrow range-trading ways.

The

Dow Jones Industrial Average

was up 37 to 10,924. The

S&P 500

was up 5 to 1349. The

Nasdaq Composite Index

was up 5 to 2583.

TheStreet.com Internet Sector

index was down 8 to 640.

The 30-year Treasury bond was down 6/32 to 91 31/32, yielding 5.82%.

Ricky Harrington, chief technical analyst at

Wachovia Securities

in Charlotte, N.C., said there's not much incentive for upside or downside in the market right now.

One of the things that may give the market some direction, according to some, will be future inflation data, particularly in the wake of this week's move by the

Federal Open Market Committee

to a tightening bias. Harrington said those economic reports should give the market a picture of whether inflation is picking up or not.

He said the market has reached an equilibrium and it is at a level right now where it's going to move sideways.

He said he was surprised at the lack of volatility in the market this week, considering big pieces of news and the fact that tomorrow is double expiration of some stock and futures options.

On the

New York Stock Exchange

, advancers were leading decliners 1,812 to 1,080 on 579 million shares. On the

Nasdaq Stock Market

, winners were leading losers 2,276 to 1,597 on 777 million shares.

On the NYSE, 49 issues had set new 52-week highs while 22 had touched new lows. On the Nasdaq, 110 issues had set new highs while new lows totaled 31.

On the Big Board,

America Online

(AOL)

was most active, with 11 million shares changing hands. It was flat at 134 1/2.

On the Nasdaq,

Premiere Technologies

(PTEK)

was most active, with 24 million shares changing hands. It was up 2 3/4 to 19.

1:58 p.m.: Stocks Slightly Higher in Lackluster Action

Stocks were slightly higher this afternoon while

eToys

(ETYS:Nasdaq) was soaring in its trading debut.

eToys, a Santa Monica, Calif.-based online toy seller, was up 56 3/4, or 284%, to 76 3/4. The company's IPO was priced last night by

Goldman Sachs

.

The

Dow Jones Industrial Average

was up 27 to 10,914. The

S&P 500

was up 3 to 1347. The

Nasdaq Composite Index

was up 1 to 2579.

The

Russell 2000

was up 4 to 450.

TheStreet.com Internet Sector

index was down 7 to 641.

The 30-year Treasury bond was down 4/32 to 92 1/32, yielding 5.82%.

Oil service and retail stocks were notable winners today. The

Philadelphia Stock Exchange Oil Service Index

was up 2%, while the

S&P Retail Index

was up 1%.

On the

New York Stock Exchange

, advancers leading decliners 1,770 to 1,074 on 480 million shares. On the

Nasdaq Stock Market

, winners were beating losers 2,194 to 1,555 on 655 million shares.

On the NYSE, 46 issues had set new 52-week highs while 22 had touched new lows. On the Nasdaq, 97 issues had set new highs while new lows totaled 25.

On the Big Board,

America Online

(AOL)

was most active, with 10 million shares changing hands. It was down 3/17 to 134 7/16.

On the Nasdaq,

Premiere Technologies

(PTEK)

was most active, with 19 million shares changing hands. It was up 2 7/8 to 19 3/16.

Sector Focus: Forest and Paper Products

Forest and paper product stocks gained today thanks to positive comments on the industry's outlook from

Morgan Stanley Dean Witter

analyst Matt Berler.

Boise-Cascade

(BCC) - Get Report

was up 11/16 to 40 5/8;

Georgia-Pacific

(GP)

was up 2 5/16 to 92 3/16;

Louisiana Pacific

(LPX) - Get Report

was up 5/8 to 21 3/16; and

Weyerhaeuser

(WY) - Get Report

was up 1 1/8 to 68 3/16.

The

Philadelphia Stock Exchange Forest & Paper Products Index

was up 1%.

1:07 p.m.: Midday Musings: Bonds Set Table for Value Stocks, but Growth Is Still Stunted

12:02 p.m.: Indices Turn Slightly Mixed

The

Russell 2000

was up 1% late this morning, outpacing the rest of the market's widely watched gauges, while the 30-year Treasury bond slipped after yesterday's rally.

The Russell 2000 was up 3 to 450. The long bond was down 5/32 to 91 31/32, yielding 5.82%.

The

Dow Jones Industrial Average

was up 16 to 10,903. The

S&P 500

was up fractionally at 1345, while the

Nasdaq Composite Index

was down 2 to 2576.

TheStreet.com Internet Sector

index was down 5 to 643.

In the news,

Healtheon

(HLTH)

was skyrocketing after the company and privately held

WebMD

officially announced their merger. Healtheon was up 41 1/8, or 52%, to 120 3/4.

On the

New York Stock Exchange

, advancers were leading decliners 1,697 to 1,016 on 323 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,994 to 1,457 on 421 million shares.

On the NYSE, 38 issues had set new 52-week highs while 14 had touched new lows. On the Nasdaq, 78 issues had set new highs while new lows totaled 20.

On the Big Board,

America Online

(AOL)

was most active, with 8 million shares changing hands. It was down 1/8 to 134 3/8.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 12 million shares changing hands. It was down 1/4 to 39 1/2.

Tech Focus

Tech sector gauges were lower. The

Nasdaq 100

was off fractionally. The

Philadelphia Stock Exchange Computer Box Maker Index

was down 1%. The

Philadelphia Stock Exchange Semiconductor Index

was off 2%. The

Morgan Stanley High-Tech 35

was down fractionally.

News that

Tech Data

(TECD) - Get Report

agreed to become the IT procurement, configuration and assembly, and logistics services provider for the

GE Capital IT Solutions

unit of

General Electric

(GE) - Get Report

sent its stock up sharply. It was up 4 1/16, or 11.8%, to 38 1/2. The three-year deal is expected to generate about $2 billion in annual incremental revenue for Tech Data, whose sales for the latest year were $11.5 billion.

11:07 a.m.: Russell Leads the March Higher

Stocks continued higher, as the

Russell 2000

, which was up 1%, led the market's major averages on the upside.

The small-cap Russell 2000 was up 4 to 450.

The

Dow Jones Industrial Average

was up 40 to 10,927. The

S&P 500

was up 4 to 1348, while the

Nasdaq Composite Index

was up 4 to 2582.

The benchmark 30-year Treasury bond was down 2/32 to 92 4/32, yielding 5.81%.

On the

New York Stock Exchange

, advancers were leading decliners 1,704 to 800 on 194.3 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,889 to 1,224 on 244.3 million shares.

On the NYSE, 28 issues had set new 52-week highs while nine had touched new lows. On the Nasdaq, 71 issues had set new highs while new lows totaled 12.

On the Big Board,

America Online

(AOL)

was most active, with 5.9 million shares changing hands. It was up 5/16 to 134 13/16.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 10.9 million shares changing hands. It was up 1/16 to 39 7/8.

10:03 a.m.: Internet Sector Takes a Dip at the Open

Major market averages were higher early on while Internet stocks slumped.

The

Dow Jones Industrial Average

was up 2 to 10,889. The

S&P 500

was up fractionally at 1345. The

Nasdaq Composite Index

was up 3 to 2580. The

Russell 2000

was up 1 to 447.

TheStreet.com Internet Sector

index was down 5 to 643.

The 30-year Treasury bond was down 8/32 to 91 29/32, yielding 5.83%, after rallying yesterday.

Most Up at Open -- NYSE

Vodafone (VOD) - Get Report, up 4 15/32 to 203 1/16

.

Most Up at Open -- Nasdaq

Tech Data (TECD) - Get Report, up 4 9/16 to 39

: Tech Data set a pact with

GE Capital IT Solutions

, which is part of

General Electric

(GE) - Get Report

, to become the IT procurement, configuration and assembly, and logistics services provider for GE Capital IT Solutions. The three-year deal is projected to generate approximately $2 billion in annual incremental revenue for Tech Data.

Most Down at Open -- NYSE

AMR (AMR) , down 1 15/16 to 67 1/4

.

Most Down at Open -- Nasdaq

Etec Systems (ETEC) , down 8 1/2 to 27 1/2

: The company yesterday reported third-quarter earnings of 9 cents a share, 1 cent below the

First Call

12-analyst prediction and behind the year-ago 47 cents. The company also warned of losses in the fourth and first quarters.