Hang on to your britches, the market's on a wild ride.

Already this morning, the

Dow Jones Industrial Average has crossed the flatline three times. The tech-heavy

Nasdaq Composite Index hasn't been quite as volatile, but the day is still young.

Last Friday, the major indices got a nice pop in the last hour of trading after

Bear Stearns

economist and former

Federal Reserve governor Wayne Angell said he thought there was a good chance the central bank could cut rates again before its next official conclave

And while that hope was being diminished by analysts and strategists who say

Chairman Greenspan and his buddies will wait to act on rates until their scheduled meeting, investors were clinging to the idea. That was bringing bargain hunters out and helping some of the many stocks that were battered in last week's trading action.

Mobile phone maker

Nokia

(NOK) - Get Report

and others in its sector were butchered last week here and abroad. Today, Nokia was the darling of the

New York Stock Exchange and its European counterparts. Despite having its earnings estimates lowered by

Lehman Brothers

and

Merrill Lynch

, the stock was up 5.6%.

Chip stocks weren't getting any help from communications chipmaker

Texas Instruments

(TXN) - Get Report

, which this morning

slashed its first-quarter revenue estimates -- again. And Lehman's

Dan Niles lowered his forecasts on chipmakers

Micron Technology

(MU) - Get Report

and

Cypress Semiconductor

(CY) - Get Report

, citing supply issues that he said likely won't bottom out until the third or fourth quarter. The

Philadelphia Stock Exchange Semiconductor Index

was down 2.8%. Texas Instruments was off fractionally, Micron was down 5.2% and Cypress was gaining 1.5%.

Software gargantuan

Microsoft

(MSFT) - Get Report

was lifting 4.6% as an appeals court hears oral arguments from the company about its court-ordered breakup.

Another

blue-chip,

Procter & Gamble

(PG) - Get Report

, was getting socked after the company said its second half would be low because of the Turkish financial crisis. It was down 6%.

Home Depot

(HD) - Get Report

was making gains off news that its competitor

Lowe's

(LOW) - Get Report

was

raising its 2001 projections despite posting earnings that were in line with lowered estimates. Home Depot was up 7%, while Lowe's was 7.4% higher. Both stocks have been hit hard since they've warned about problems hitting the home-improvement business.

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Sector Watch

Oil service stocks were on the rise, with the

Philadelphia Stock Exchange Oil Service Index

up 3.8%. Oilfield services giant

Schlumberger

(SLB) - Get Report

was jumping 8.1%. Last week, the stock got an upgrade from Merrill Lynch to intermediate-term buy from accumulate. Merrill said that it was upgrading the stock because it sees "another year of strong outperformance for oil service stocks in 2001." The stock had gotten hit hard in the last month after it announced its $5.2 billion bid for information technology company

Sema

(SEMA)

.

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Bonds/Economy

Treasury prices were up slightly this morning after rallying boldly Friday on rumors of an imminent interest-rate cut. The benchmark 10-year

Treasury note was up 1/32 to 99 8/32, yielding 5.097%.

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