Market Update: Intel, Oil Relief Boosting Techs, Industrials - TheStreet

A decent recovery Friday from the early

Intel

(INTC) - Get Report

sell-off -- with some analyst saying that the scope of that sell-off was unjustified -- and a little relief for oil prices from President

Bill Clinton's

decision

Friday to dip into oil reserves, were giving wings to both tech and industrials this morning.

Tech and financial stocks were leading the

Dow Jones Industrial Average higher, with Intel, hardware company

Hewlett-Packard

(HWP)

and brokerage house

J.P. Morgan

(JPM) - Get Report

contributing the most upside to the blue-chip benchmark. The Dow was lately up 20.7 to 10,868.

Over in tech, the

Nasdaq Composite Index was rising on semiconductors, as well as hardware and biotech stocks.

Intel, telecom

WorldCom

(WCOM)

, networking company

Cisco

(CSCO) - Get Report

and hardware-maker

Dell

(DELL) - Get Report

were the index's most actives. The Nasdaq was lately up 52 to 789.4.

After shedding 22% Friday after its revenue warning, Intel was 1.96% higher this morning. Semiconductor

Micron Technology

(MU) - Get Report

was up 0.5%.

Telecom stocks such as

WorldCom

(WCOM)

and

Sprint

(FON)

were also higher.

Lehman Brothers

raised its rating on telecom Sprint this morning.

AT&T

(T) - Get Report

, on the other hand, was near its 52-week low.

The

S&P 500 was meandering right above the flatline, lately up 5.8 to 1454.5, while the

Russell 200

was 2.2 higher to 521.

TheStreet.com Internet Sector

index, also known as the DOT, was 1.3% higher, partly powered by

America Online

(AOL)

, which is said to be in talks with Japan's

NTT DoCoMo

to jointly develop and sell mobile Internet services in Japan and elsewhere. AOL was lately up 1.5%.

TheStreet.com

took a look at the

deal in a story earlier today.

Bonds/Economy

The 10-year Treasury note was lately up 1/32 at 99 9/32, and yielding 5.846%.

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Sector Watch

Oil stocks were getting clobbered this morning. After Clinton decided to tap emergency reserves and crude oil prices fell to their lowest levels in a month,

Bear Stearns

said it expected a steep decline in oil prices and cut its rating on

Amerada Hess

(AHC) - Get Report

to neutral from buy.

Amerada Hess was off 2.95% to $63.69, while the

American Stock Exchange Oil & Gas Index

was off 2.5%.

Even so, upgrades on several individual energy stocks from different firms, such as

Calpine

(CPN)

, were powering these stocks higher. Calpine was up 0.8%.

Semiconductor stocks were also higher and the

Philadelphia Stock Exchange Semiconductor Index

was up 1.6% after falling 6% Friday.

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