Nasdaq, Russell Cling to Positive Territory

However, the Dow and S&P 500 remain slightly lower.
Author:
Publish date:

iTurf

(TURF)

,

Extreme Networks

(EXTR) - Get Report

and

USinternetworking

(USIX)

exploded to the upside this afternoon in their first day of trading.

More on the stocks' premiere performances below.

Meanwhile, technology and small-cap proxies were slightly higher, while the blue-chip

Dow Jones Industrial Average

and the

S&P 500

were weaker.

The

Nasdaq Composite Index

was up 8 to 2581, while the

Russell 2000

was up 1 to 401.

The Dow was down 35 to 10,162, while the S&P 500 was down 1 to 1343.

The 30-year Treasury bond was up 2/32 to 97 7/32, yielding 5.44%, after European bond markets rallied and the release of a bond-friendly

Producer Price Index

report. The

Labor Department

reported the overall PPI rose 0.2%, while the core PPI was unchanged.

TheStreet.com Internet Sector

index was up 14 to 725.

TheStreet.com E-Commerce Index

was up 2 to 131.

On the

New York Stock Exchange

, decliners were beating advancers 1,504 to 1,341 on 462 million shares. On the

Nasdaq Stock Market

, losers were narrowly beating winners 1,890 to 1,839 on 723 million shares.

On the NYSE, 68 issues had set new 52-week highs while 59 had touched new lows. On the Nasdaq, 99 issues had set new highs while new lows totaled 65.

On the Big Board,

America Online

(AOL)

was most active, with 11 million shares changing hands. It was up 5/8 xx to 161 1/8.

On the Nasdaq,

Oracle

(ORCL) - Get Report

was most active, with 25 million shares changing hands. It was up 1 3/4, or 8%, to 25.

Focus: Today's Trading Debuts

iTurf, the online unit of teen clothing retailer

dELiA*s

(DLIA)

, jumped 36 1/2, or 166%, to 58 1/2. Its 4.2 million-share IPO priced top-range at $22 a share yesterday. dELiA*s was down 2 1/4 to 29.

Extreme Networks, a provider of switches for enterprise networks, was up 37 11/16, or 222%, to 54 11/16. Its 7 million-share IPO priced last night at $17.

USinternetworking, an application service provider, soared 32 3/4, or 155.9%, to 53 3/4, in its debut. Its 6-million share IPO priced at $21 yesterday.

1:02 p.m.: Midday Musings: Tech Gains Ground on Blue-Chips as Session Plods On

11:55 a.m.: Union Carbide Continues to Pressure Dow

The major market averages were mixed late this morning, with the blue-chip

Dow Jones Industrial Average

leading on the down side, dragged down the most by

Union Carbide

(UK)

.

The Dow was off 51 to 10,145. Union Carbide was down 3 1/16, or 6%, to 48 5/16 after

Morgan Stanley Dean Witter

cut its rating on it to neutral from outperform.

The

S&P 500

was down 2 to 1342. The

Nasdaq Composite Index

was up 4 to 2577. The

Russell 2000

was up 1 to 401.

TheStreet.com Internet Sector

index was up 16 to 727.

Inktomi

(INKT)

was a big gainer on the index, up 18 1/8, or 17%, to 122 1/2.

TheStreet.com E-Commerce Index

was up 3 to 132.

The 30-year Treasury bond was up 4/32 to 97 9/32, yielding 5.44%.

On the economic front, the overall

Producer Price Index

rose 0.2% while the core PPI, which excludes food and energy prices, was unchanged, the

Labor Department

reported.

On the

New York Stock Exchange

, decliners were beating advancers 1,402 to 1,266 on 309 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,699 to 1,679 on 475 million shares.

On the NYSE, 53 issues had set new 52-week highs while 40 had touched new lows. On the Nasdaq, 84 issues had set new highs while new lows totaled 49.

On the Big Board,

America Online

(AOL)

was most active, with 8 million shares changing hands. It was up 1 9/16 to 162 1/16.

On the Nasdaq,

Oracle

(ORCL) - Get Report

was most active, with 16 million shares changing hands. It was up 1 5/8, or 7%, to 24 15/16.

Tech Focus

The

Nasdaq 100

was down fractionally, while the

Morgan Stanley High-Tech 35

was up fractionally. The

Philadelphia Stock Exchange Semiconductor Index

was up 1%.

Stock-split mania has struck again.

theglobe.com

(TGLO)

, which after the close set a 2-for-1 stock split, was soaring 22 7/16, or 38%, to 80 13/16.

IBM

(IBM) - Get Report

plans in May to set up a new Web site to sell its entire line of personal computer products directly to small businesses and consumers, according to a

Business Week e-biz

report. The stock was down 1 1/4 to 185 3/4.

USinternetworking

(USIX)

surged in its first day of trading, up 34 1/4, or 162%, to 55 1/4. Its 6-million share IPO was priced above range yesterday at 21.

10:58 a.m.: Stocks Turn Mixed After Early Decline

The major market barometers were mixed at midmorning.

The Dow was down 55 to 10,142.

Union Carbide

(UK)

was the biggest drag on the Dow. It was off 3 to 48 3/8, and accounted for 13 points in the average's decline.

The S&P 500 was down 1 to 1343. The Nasdaq Comp was up 12 to 2585.

The small-cap

Russell 2000

up fractionally at 400.

TheStreet.com Internet Sector

index was up 15 to 726.

TheStreet.com E-Commerce Index

was up 4 to 133.

The 30-year Treasury bond was up 6/32 to 97 12/32, yielding 5.43%.

On the economic front, the overall

Producer Price Index

rose 0.2% while the core PPI, which excludes food and energy prices, was unchanged, the

Labor Department

reported.

Scott Curtis, senior equity trader at

Brown Brothers Harriman

, said he thought today's market decline was just a pause in an ongoing rally.

The fundamentals are still intact and today's PPI report was helpful for stocks, Curtis noted.

Transportation, oil-service and gold mining stocks were notable gainers.

The

Dow Jones Transportation Average

was up 1%, while the

Philadelphia Stock Exchange Oil Service Index

was up fractionally. The

Philadelphia Stock Exchange Gold and Silver Index

has jumped 2%.

Brokerage stocks continued on their torrid pace. The stocks have surged lately on expectations that brokers next week will report strong earnings. A host of brokerage firms are slated to report quarterly results next week. The

American Stock Exchange Broker/Dealer Index

was up 3%.

On the

New York Stock Exchange

, decliners were beating advancers 1,369 to 1,100 on 197 million shares. On the Nasdaq, losers were leading winners 1,542 to 1,540 on 313 million shares.

On the NYSE, 42 issues had set new 52-week highs while 31 had touched new lows. On the Nasdaq, 72 issues had set new highs while new lows totaled 35.

On the Big Board,

Compaq

(CPQ)

was most active, with 5 million shares changing hands. It was up 5/8 to 30 1/4.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 8 million shares changing hands. It was down 1/2 to 44 7/16.

9:59 a.m.: Stocks Slightly Lower After Thursday's Record Closes

In the wake of

yesterday's record closes by the

Dow Jones Industrial Average

,

S&P 500

and

Nasdaq Composite Index

, the market's major gauges were slightly softer early on.

The Dow was down 6 to 10,192. The S&P 500 was down fractionally at 1344. The Nasdaq Comp was down 1 to 2573. The

Russell 2000

was down fractionally at 400.

TheStreet.com Internet Sector

index was up 7 to 717.

TheStreet.com E-Commerce Index

was down fractionally at 128.

The 30-year bond was up 7/32 to 97 12/32, yielding 5.43%. The overall

Producer Price Index

rose 0.2% in March, while excluding food and energy costs, it was unchanged.

Most Up at Open -- NYSE

Sprint (FON) , up 3 3/4 to 112 1/2

.

Most Up at Open -- Nasdaq

theglobe.com (TGLO) , up 17 to 76

: The company set a 2-for-1 stock split.

Most Down at Open -- NYSE

Wal-Mart (WMT) - Get Report, down 1 3/4 to 100 1/2

.

Most Down at Open -- Nasdaq

Vitesse Semiconductor (VTSS) , down 7 7/8 to 49 3/4

.