Nasdaq Inches Its Way to Another Record Close
The
Nasdaq Composite Index
closed at an all-time high, but just barely, while the rest of the market's major averages slipped into the red.
The Nasdaq Comp gained 3.09, or 0.1%, to 2563.15, beating yesterday's record close of 2560.06.
The blue-chip
Dow Jones Industrial Average
tumbled 43.84, or 0.4%, to 9963.49. The
S&P 500
fell 3.20, or 0.2%, to 1317.92.
The
Russell 2000
slumped 1.21, or 0.3%, to 401.08.
TheStreet.com Internet Sector
index jumped 37.54, or 5.5%, to 720.66, a record closing high. The biggest gainer in the index was
RealNetworks
(RNWK) - Get Report
, up 40 1/8, or 26%, to 195 7/16.
Meanwhile,
TheStreet.com E-Commerce Index
advanced 0.15, or 0.1%, to 123.38.
The 30-year Treasury bond was up 31/32 to 96 3/32, yielding 5.520%.
On the
New York Stock Exchange
decliners beat advancers 1,763 to 1,189 on 790 million shares. On the
Nasdaq Stock Market
, losers beat winners 2,425 to 1,574 on 1.111 billion shares.
On the NYSE, 93 issues set new 52-week lows while 69 touched new highs. On the Nasdaq, 157 issues set new lows while new highs totaled 117.
On the Big Board,
America Online
(AOL)
was most active, with 34.3 million shares changing hands. It was up 1/2 to 167 7/16.
On the Nasdaq,
Dell
(DELL) - Get Report
was most active, with 47.3 million shares changing hands. It was up 2 13/16, or 6.4%, to 46 13/16.
Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup
2:55 p.m.: Nasdaq, S&P Cling to Record Territory
Technology and Internet stocks were sporting the market's best gains late in the session, as the
Nasdaq Composite Index
and the
S&P 500
rose into record territory.
Of course the gains are less than eye-popping and market breadth is negative.
The Nasdaq Comp was up 12 to 2572, poised to break yesterday's record closing high of 2560.06. The S&P 500 was up fractionally at 1322.
The
Dow Jones Industrial Average
was down 18 to 9989.
The
Russell 2000
was down 1 to 401.
TheStreet.com Internet Sector
index was up 32 to 715.
RealNetworks
(RNWK) - Get Report
was up 35 7/8, or 23%, to 190 1/4, the biggest gainer in the index.
TheStreet.com E-Commerce Index
was up 1 to 124.
Gold mining stocks were notable on the upside, as were brokerage stocks. The
Philadelphia Stock Exchange Gold and Silver Index
was up 2%, while the
American Stock Exchange Broker/Dealer Index
also rose 2%.
Computer makers were also higher. The
Philadelphia Stock Exchange Computer Box Maker Index
was up fractionally. Semiconductor stocks surged. The
Philadelphia Stock Exchange Semiconductor Index
was up 3%.
Meanwhile in the Treasury market, the 30-year bond was up 26/32 to 95 29/32, yielding 5.53%.
On the
New York Stock Exchange
, decliners were beating advancers 1,750 to 1,183 on 594 million shares. On the
Nasdaq Stock Market
, losers were beating winners 2,343 to 1,551 on 855 million shares.
On the NYSE, 74 issues had set new 52-week lows while 66 had touched new highs. On the Nasdaq, 132 stocks had set new lows while 113 touched new highs.
On the Big Board,
America Online
(AOL)
was most active, with 26 million shares changing hands. It was up 1 11/16, or 1%, to 168 3/4.
On the Nasdaq,
Dell
(DELL) - Get Report
was most active, with 38 million shares changing hands. It was up 2 3/4, or 6%, to 46 3/4.
1:56 p.m.: Stocks Struggle Into Positive Territory as Internet Stocks Jump
Stocks were mostly higher this afternoon while selected Internet stocks (of course) were soaring.
Meanwhile, as has been the case lately, market breadth was weak.
The
Dow Jones Industrial Average
was up 7 to 10,015. The
S&P 500
was up 3 to 1325. The
Nasdaq Composite Index
was up 17 to 2577. The
Russell 2000
was down fractionally at 402.
TheStreet.com Internet Sector
index was up 34 to 717. The index's shining star was
RealNetworks
(RNWK) - Get Report
, which was surging. It was up 33 7/8, or 22%, to 188 11/16.
Donaldson Lufkin & Jenrette
initiated coverage of it today with a buy rating. RealNetworks has been pumped up lately in the wake of the
Yahoo!
(YHOO)
deal to take over
broadcast.com
(BCST)
. Yahoo! was up 5 15/16 to 225 1/2, while broadcast.com was up 5 7/16 to 163.
Meanwhile,
TheStreet.com E-Commerce Index
was up 1 to 124.
The 30-year Treasury bond was up 25/32 to 95 28/32, yielding 5.53%.
On the
New York Stock Exchange
, decliners were beating advancers 1,573 to 1,270 on 496 million shares. On the
Nasdaq Stock Market
, losers were beating winners 2,258 to 1,527 on 721 million shares.
On the NYSE, 70 issues had set new 52-week lows while 62 had touched new highs. On the Nasdaq, 122 issues had set new lows while new highs totaled 109.
On the Big Board,
America Online
(AOL)
was most active, with 24 million shares changing hands. It was up 3 3/16 to 170 3/8.
On the Nasdaq,
Dell
(DELL) - Get Report
was most active, with 28 million shares changing hands. It was up 2 3/8 to 46 3/8.
1:08 p.m.: Midday Musings: Plop, Plop, Fizzle: Market Struggles to Digest Yesterday's Gains
12:21 p.m.: Stocks Remain Mostly Lower After Early Jump
Everyone agrees that the Balkans have no market effect. But when news that Yugoslavia had boldly declared a unilateral ceasefire hit the wires this morning, major indices jumped. And when
NATO
issued a cool and cautious response minutes later, once again reiterating the demands that
Yugoslav President Slobodan Milosevic
must meet to stop the Allied bombings, those same indices unilaterally fell back.
Go figure.
After scurrying hither and thither in early trading, stocks remained mostly lower near midday, with the indefatigable Internet sector where it's most comfortable: way out in front. The 30-year Treasury bond was rallying after yesterday's sluggish performance, up 26/32 to 95 29/32, yielding 5.53%.
The
Nasdaq Composite Index
was up 6 to 2566.
Dow Jones Industrial Average
was down 42 to 9966. The
S&P 500
was down 3 to 1318. The
Russell 2000
was down fractionally at 402.
TheStreet.com Internet Sector
index was up 29 to 712.
TheStreet.com E-Commerce Index
was down 1 to 122.
On the
New York Stock Exchange
, decliners were beating advancers 1,611 to 1,133 on 360 million shares. On the
Nasdaq Stock Market
, losers were beating winners 2,130 to 1,411 on 526 million shares.
On the NYSE, 56 issues had set new 52-week highs while 56 had also touched new lows. On the Nasdaq, 90 issues had set new highs while new lows totaled 98.
On the Big Board,
America Online
(AOL)
was most active, with 19 million shares changing hands. It was up 3 7/16 to 170 5/16.
On the Nasdaq,
Dell
(DELL) - Get Report
was most active, with 19 million shares changing hands. It was up 1 1/16, or 2%, to 45 1/16.
Tech Focus
The
Nasdaq 100
was up fractionally, while the
Morgan Stanley High-Tech 35
was up 1%. The
Philadelphia Stock Exchange Semiconductor Index
was up 2%.
Compaq
(CPQ)
was off 3/4, or 2%, to 30 13/16 as investors were not impressed with the company's launch of the
Compaq Software Store
to sell third-party software titles in a pact with e-tailer
Beyond.com
(BYND) - Get Report
.
IBM
(IBM) - Get Report
was lately up 1 5/16, or 1%, to 185 13/16 as it introduced the world's fastest 64-bit, four-way Web server, designed to facilitate e-commerce.
Meanwhile,
Intel
(INTC) - Get Report
was moving higher on news that it will slash prices by between 10% and 20% on April 11 to clear the way for newer processors. Price cuts aren't usually good news, but most companies' don't have
Randall "Tex" Cobb
or
Advanced Micro Devices
(AMD) - Get Report
for sparring partners. Intel was lately up 2 1/4, or 2%, to 129 11/16.
--
Thomas Lepri
11:08 a.m.: Stocks Turn Mostly Lower
After a brief upswing, stocks proxies were mired in negative territory although (you guessed it) Internet names continue to curry favor.
The natural retracement from
yesterday's record-setting session, plus a profit warning
last night by
Gillette
(G) - Get Report
, were weighing on major proxies.
Traders said the aforementioned were the biggest cause for the downturn because the catalyst for yesterday's impressive move -- falling interest rates -- was continuing apace.
The price of the 30-year Treasury bond was lately up 14/32 to 95 18/32, its yield falling to 5.56%.
The
Dow Jones Industrial Average
was lately down 36 to 9972 after rising as high as 10,022.87. The
S&P 500
was off 3 to 1318 after climbing as high as 1322.97.
Gillette, down 12%, is not a Dow component, but fellow consumer product giant
Procter & Gamble
(PG) - Get Report
was the second-biggest negative influence on the index, trailing only
American Express
(AXP) - Get Report
.
The
Nasdaq Composite Index
was up 1 to 2561 after rising as high as 2582.37 early on.
Weakness in
MCI WorldCom
(WCOM)
, lately down 4%, was weighing most heavily on the Nasdaq.
The Wall Street Journal
reported MCI WorldCom is in "preliminary" talks to acquire
Nextel Communications
(NXTL)
, which was up 1%.
Yesterday, you'll recall,
SkyTel Communications
(SKYT)
jumped 26% after
Business Week
reported WorldCom could acquire the wireless messaging company. Skytel was lately down 5%.
Big-cap tech favorites such as
Intel
(INTC) - Get Report
and
Sun Microsystems
(SUNW) - Get Report
were preventing a bigger decline for the tech-infused Nasdaq.
In Netland,
America Online
(AOL)
was on the rise again and joined on the upside by fellow net leviathan
Yahoo!
(YHOO)
. Yahoo! was up 4% on the latest in a seemingly endless series of deals; it will featured on the default Web page on PCs sold by
Micron Electronics
(MUEI)
.
However, both AOL and Yahoo! were retreating from early morning highs and Net proxies were recently mixed.
TheStreet.com Internet Sector
was up 28 to 711 and building on yesterday's record. Meanwhile,
TheStreet.com E-Commerce Index
was down 1 to 122.
After yesterday's huge upturn,
AmeriTrade Holding
(AMTD) - Get Report
was down 8% and the biggest drag on the E-Commerce index. But fellow online broker
E*Trade Group
(EGRP)
was up another 5%.
In NYSE trading, declining stocks were leading advancers 1,575 to 1,148 on 332 million shares. In
Nasdaq Stock Market
activity, losers were leading 2,119 to 1,376 on 490 million shares.
Trading volume was again lackluster as many players prefer to wait until first quarter earnings season begins in earnest next week before making big bets on individual issues or the market in general. In addition, some players perceived the record-setting gains notched yesterday as a signal to either scale back on positions or retreat to the sidelines.
--
Aaron L. Task
9:58 a.m.: Stocks Open Slightly Higher
Stocks were slightly higher early on in the wake of
yesterday's record-setting session for the
Dow Jones Industrial Average
,
S&P 500
and
Nasdaq Composite Index
.
The Dow was up 13 to 10,021. The S&P 500 was up 2 to 1323. The Nasdaq Comp was up 6 to 2566. The
Russell 2000
was up fractionally at 402.
TheStreet.com Internet Sector
index was up 20 to 703.
TheStreet.com E-Commerce Index
was down fractionally at 123.
The 30-year bond was up 7/32 to 95 12/32, yielding 5.58%.
Most Up at Open -- NYSE
Charles Schwab (SCH) , up 1 5/8 to 105
.
Most Up at Open -- Nasdaq
TCI Music (TUNE) , up 11 5/8 to 20
: The company said it has received a proposal from
Liberty Media
under which Liberty would contribute substantially all of its Internet and interactive television assets, including those held by its wholly owned subsidiary,
Liberty Digital
, to TCI Music in exchange for newly issued shares of TCI Music's Series B common stock.
Most Down at Open -- NYSE
America Online (AOL) , down 2 1/16 to 164 7/8
.
Most Down at Open -- Nasdaq
MindSpring (MSPG) , down 5 to 106 1/4
.
--
Brian Louis