Nasdaq, S&P 500 Climb Into Record Territory

Meanwhile, the Dow has erased its losses.
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The

Nasdaq Composite Index

and

S&P 500

were both in record territory going into the final hour of trading, as technology and Internet stocks were starring in today's market advance.

The Nasdaq Comp was up 66 to 2657. The Comp's record close is 2598.81.

The S&P 500 was up 4 to 1360, just above its record closing level of 1358.82.

The

Dow Jones Industrial Average

was up 17 to 10,706. The

Russell 2000

was up 4 to 436.

TheStreet.com Internet Sector

index was up 35 to 715.

This week, some leading Internet companies are slated to report quarterly results.

eBay

(EBAY) - Get Report

is set to post its numbers after the close today, while

Amazon.com

(AMZN) - Get Report

is slated to report on Wednesday.

The

First Call

10-analyst consensus estimate projects eBay to post first-quarter earnings of 2 cents a share, while the First Call 21-analyst estimate calls for Amazon.com to lose 29 cents in the first quarter.

eBay was up 12 7/16, or 6%, to 212 1/4, while Amazon.com was down 3/17 to 210. It surged 20 1/16 to 210 1/8 on Friday.

Tomorrow,

America Online

(AOL)

is slated to report earnings.

"AOL, that's the big number tomorrow," said Scott Curtis, senior equity trader at

Brown Brothers Harriman

.

The First Call 34-analyst estimate calls for AOL to earn 9 cents a share for its fiscal third quarter. AOL was up 9 1/2, or 7%, to 156 1/2.

The 30-year Treasury bond was up 11/32 to 95 10/32, yielding 5.58%.

On the

New York Stock Exchange

, decliners were beating advancers 1,539 to 1,403 on 551 million shares. On the

Nasdaq Composite Index

, winners were beating losers 2,132 to 1,858 on 832 million shares.

Volume was really light, said Curtis. If volume on the NYSE reaches 700 million, "I'd be surprised," he said.

On the NYSE, 64 issues had set new highs 52-week while 18 had touched new lows. On the Nasdaq, 87 stocks had set new highs while 36 touched new lows.

On the Big Board,

AT&T

(T) - Get Report

was most active, with 18 million shares changing hands. It was down 1 1/16 to 52 5/16.

On the Nasdaq,

Fore Systems

(FORE)

was most active, with 36 million shares changing hands. It was up 9 3/16, or 37%, to 33 3/4, on news it is being acquired by Britain's

GEC

for $4.5 billion.

1:59 p.m.: Nasdaq Continues to Lead on the Upside

Technology and Internet stocks were sharply higher as the

Nasdaq Composite Index

paced the market's major barometers on the upside, soaring 2%.

The Nasdaq Comp was up to 55 to 2645.

TheStreet.com Internet Sector

index was up 30 to 709, powered the most by

CMGI

(CMGI)

, which was up 21 9/16, or 8%, to 280 11/16.

The blue-chip

Dow Jones Industrial Average

was down 8 to 10,683.

The

S&P 500

was up 2 to 1359. The

Russell 2000

was up 3 to 435.

The 30-year Treasury bond was down 12/32 to 94 19/32, yielding 5.63%.

Word that

E*Trade

(EGRP)

surpassed 1 million customer accounts helped boost online brokerage stocks. E*Trade was up 15 9/16, or 15%, to 119 9/16. Elsewhere,

Charles Schwab

(SCH)

was up 3 5/16 to 124, while

AmeriTrade

(AMTD) - Get Report

has jumped 9 3/8, or 7%, to 137.

On the

New York Stock Exchange

, decliners were beating advancers 1,468 to 1,413 on 449 million shares. On the

Nasdaq Stock Market

, winners were beating losers 2,071 to 1,795 on 686 million shares.

On the NYSE, 56 issues had set new 52-week highs while 16 had touched new lows. On the Nasdaq, 81 issues had set new highs while new lows totaled 34.

On the Big Board,

AT&T

(T) - Get Report

was most active, with 16 million shares changing hands. It was down 1 to 52 3/8.

On the Nasdaq,

Fore Systems

(FORE)

was most active, with 29 million shares changing hands. It was up 9, or 37%, to 33 1/2, on news it is being acquired by Britain's

GEC

for $4.5 billion.

Company Focus: Carnival

Cruise line titan

Carnival

(CCL) - Get Report

today said the military conflict in Kosovo could shave 1999 full-year earnings by between 6 cents and 8 cents a share, split between the third and fourth quarters.

Because of the conflict, bookings have slowed for Carnival's cruises in the Mediterranean, which make up about 7.5% of the company's consolidated capacity for the second half of fiscal 1999, the company said. The current

First Call

23-analyst estimate calls for Carnival to earn $1.65 in 1999.

Carnival added, however, that bookings for Caribbean and Alaska cruises remain strong.

On the news, shares of Carnival slumped 2 7/8, or 6%, to 44 5/16.

1:00 p.m.: Midday Musings: Tech Remains in Command Amid a Wait for Economic Data

12:03 p.m.: Tech, Internet Issues Continue to Buoy Nasdaq

Technology and Internet stocks late this morning were enjoying solid gains, while

General Electric

of Britain said it is buying

Fore Systems

(FORE)

for $4.5 billion.

Meanwhile, before the opening bell,

First Union

(FTU)

said it is buying

Everen Capital

(EVR) - Get Report

for $1.1 billion. First Union was down 1 3/8 to 53 5/8, while Everen was up 4 5/16, or 18%, to 28 7/16.

The

Nasdaq Composite Index

was up 47 to 2637.

TheStreet.com Internet Sector

index was up 25 to 705.

CMGI

(CMGI)

was the biggest gainer in the index, up 17, or 7%, to 276 1/2.

Meanwhile, the

Dow Jones Industrial Average

was down 1 to 10,689. Dow component

IBM

(IBM) - Get Report

, which was a driving force in the market last week, was up 5 11/16 to 205 7/16.

The

S&P 500

was up 1 to 1358. The

Russell 2000

was up 3 to 435.

On the

New York Stock Exchange

, advancers were beating decliners 1,410 to 1,296 on 296 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,966 to 1,590 on 439 million shares.

On the NYSE, 48 issues had set new 52-week highs while 10 had touched new lows. On the Nasdaq, 70 issues had set new highs while new lows totaled 21.

The 30-year Treasury bond was down 15/32 to 94 16/32, yielding 5.63%.

On the Big Board,

America Online

(AOL)

was most active, with 12 million shares changing hands. It was up 7 13/16, or 5%, to 154 13/16, ahead of its quarterly earnings report, slated for release tomorrow.

Tech Focus

General Electric of Britain said its purchase price of Fore values the company at $35 a share, a 43% premium over Fore's closing price on Friday. Fore is a leading supplier of Internet switching equipment.

Meanwhile, most tech gauges were higher. The

Nasdaq 100

was up 2%, while the

Morgan Stanley High-Tech 35

was also up 2%. The

Philadelphia Stock Exchange Semiconductor Index

, however, was down fractionally.

In tech news,

BMC Software

(BMCS)

said it is realigning itself into five business units. On the news, BMC Software was up 1 3/4 to 41 3/8.

International Data

said strong consumer demand and rebounding Asia/Pacific markets boosted first-quarter PC unit growth 19% worldwide compared to the first quarter of 1998.

Compaq

(CPQ)

remained No. 1 in unit shipments, according to International Data. Compaq was up 5/16 to 23 7/16.

The

Philadelphia Stock Exchange Computer Box Maker Index

was up 2%.

On the Nasdaq,

Dell

(DELL) - Get Report

was most active, with 14.9 million shares changing hands. It was up 1 5/8 to 44 5/8.

11:19 a.m.: Tech, Internet Issues Continue to Lead March Higher

Strength in technology and Internet stocks were leading the market higher this morning, with the

Nasdaq Composite Index

soaring 2%.

The Nasdaq Comp was up 49 to 2640.

The

Dow Jones Industrial Average

was up 20 to 10,710.

The

S&P 500

was up 4 to 1361. The

Russell 2000

was up 3 to 435.

TheStreet.com Internet Sector

index was up 24 to 703.

Meanwhile, the 30-year Treasury bond was down 18/32 to 94 14/32, yielding 5.64%.

Some market participants said the market is reverting back to its old form as technology stocks resume their leadership role after the market's brief buying frenzy in part into cyclicals.

Jay Suskind, head of institutional equity trading at

Ryan Beck

, noted "it was the same old darlings" in the tech sector who were seeing money inflows. He pointed out that

Microsoft

(MSFT) - Get Report

,

Dell

(DELL) - Get Report

and the Internet stocks were up pretty nicely so far today.

Suskind noted a couple analysts' actions on

priceline.com

(PCLN)

as adding "more fuel to the fire" in the Internet stocks.

Morgan Stanley Dean Witter

initiated coverage of priceline.com with an outperform rating, while

Goldman Sachs

also initiated coverage of priceline.com, putting it on its recommended list.

Continued better-than-anticipated earnings helped in part to bolster the market.

On the economic front, market participants are looking ahead to Friday, and the slated release of

gross domestic product

data for the first quarter.

Market internals were positive.

On the

New York Stock Exchange

, advancers were beating decliners 1,418 to 1,199 on 211 million shares. On the

Nasdaq Stock Market

, winners were beating losers 1,889 to 1,452 on 317 million shares.

On the NYSE, 43 issues had set new 52-week highs while 17 had touched new lows. On the Nasdaq, 61 issues had set new highs while new lows totaled 23.

On the Big Board,

America Online

(AOL)

was most active, with 9 million shares changing hands. It was up 7 3/4, or 6%, to 154 3/4, ahead of its earnings report, slated for release tomorrow.

On the Nasdaq, Dell was most active, with 12 million shares changing hands. It was up 1 1/4 to 44 1/4.

9:58 a.m.: Tech, Internet Issues Lead on the Upside

Technology and Internet stocks were leading the market higher early on, as the

Nasdaq Composite Index

has jumped 1%.

The Nasdaq Comp was up 29 to 2620.

TheStreet.com Internet Sector

index was up 18 to 698.

The

Dow Jones Industrial Average

, meanwhile, was up fractionally at 10,690.

The

S&P 500

was up 1 to 1358. The

Russell 2000

was up 2 to 434.

The 30-year Treasury bond was down 21/32 to 94 11/32, yielding 5.65%.

Most Up at Open -- NYSE

Most Up at Open -- Nasdaq

  • priceline.com , up 16 7/16 to 104 7/16: Morgan Stanley Dean Witter initiated coverage of the company with an outperform rating.

Most Down at Open -- NYSE

Most Down at Open -- Nasdaq

  • Exodus Communications (EXDS) , down 3 5/8 to 96 3/4.