Nasdaq Posts Solid Gains at the Close After Late Rally

The other major indices closed modestly higher.
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The tech-heavy

Nasdaq Composite Index

rallied late this afternoon and ended the session with solid gains the day after it suffered the

fourth-largest point decline in its history.

The Nasdaq Comp spent most of the session in the green. However it briefly dipped into the red after making a handsome morning advance, peaking at the 2769.60 level intraday.

Meanwhile,

Federal Reserve

Chairman

Alan Greenspan's

congressional testimony tomorrow was on many market players' minds, while another heavy round of earnings reports flooded the market.

In new issues,

MP3.com

(MPPP)

made a stellar debut. MP3.com was up 33 to 61.

On the

New York Stock Exchange

, advancers beat decliners 1,486 to 1,404 on 786.8 million shares. On the

Nasdaq Stock Market

, winners beat losers 2,062 to 1,847 on 1.01 billion shares.

On the NYSE, 46 issues set new 52-week lows while 46 touched new highs. On the Nasdaq, 90 issues set new 52-week highs while new lows totaled 37.

On the Big Board,

Lucent

(LU)

was most active, with 21.9 million shares changing hands. It was up 1/16 to 70.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 26.8 million shares changing hands. It was up 1 3/8 to 94 11/16.

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

Earlier...

2:58 p.m.: Nasdaq Struggles Back Into the Black

While

MP3.com

(MPPP)

was making a blistering debut, major market gauges were mostly lower as the final hour of trading approached.

2:02 p.m.: Stocks Slip Into the Red

Stocks have lost their luster as the market's major barometers have fallen into the red this afternoon, while

United Parcel Service

announced plans to go public.

1:15 p.m.: Midday Musings: Traders Look Ahead But Averages Haunted by Yesterday

12:09 p.m.: Stocks Mostly Higher as Tech Sector Jumps

Technology stocks, the biggest victims of yesterday's selloff, were leading the market higher late this morning.

11:01 a.m.: Stocks Up After Yesterday's Big Stumble

Stocks were beginning to repair the damage they suffered

yesterday, led on the upside by the tech sector.

9:55 a.m.: Stocks Modestly Mixed After Yesterday's Steep Fall

Stocks were mixed in the wake of

yesterday's severe downdraft, which was led by the technology sector.